NEW YORK (AP) — Stocks drifted to a mixed finish on Wall Street Friday as oil prices slipped for the first time in a week.Every major index lost ground overall for the week amid increasing pressure from a sharp escalation in the U.S. Investors are also contending with more tariffs and worries about the economy suffering under the weight of stubborn inflation.The S&P 500 barely budged in a day of uneventful trading. It rose 3.68 points, or less than 0.1%, to 7,411.98.
The index notched its second consecutive losing week, which hasn't happened since March.The Dow Jones Industrial Average rose 235.60 points, or 0.5%, to 51,947.25.The Nasdaq fell 161.87 points, or 0.6%, to 24,975.82. It was weighed down by sharp losses from several big tech stocks.Micron Technology fell 7% and Broadcom fell 2.7%. Both companies have large market values that tend to weigh more heavily on the market.
They were big reasons for the technology-heavy Nasdaq lagging the market, and also why the market's gains were kept in check despite more stocks rising than falling within the S&P 500.Heavy fighting in the Middle East throughout the week again threatened to slow the global flow of oil and gas. It has been an ongoing concern for Wall Street, and now many of the buffers in the energy market from earlier in the year, including strategic reserves in the U.S., have been weakened.“If escalation continues and the Strait of Hormuz remains closed, the impact will land on an energy market with far less resilience than in the spring,” wrote Theodore Bunzel, head of geopolitical advisory at Lazard Asset Management, in a report.Brent crude, the international standard, fell 3.9% to $96.78. It has generally been rising all week and moved back above $100 on Thursday before easing a bit.
Before the Iran war began in late February it was trading around $72 per barrel.Bond yields also eased and relieved some of the pressure on stocks. The yield on the 10-year Treasury fell to 4.68% from 4.71% late Thursday.Markets in Europe gained ground, while Asian markets closed lower.The U.S. is also ramping up its global trade war with a fresh round of tariffs on dozens of nations.
The new round of tariffs impacts nearly all U.S. imports and they are paid by companies importing those goods, who then typically pass the added costs along to consumers. That move came just as the clock was running out F…
New York – The main international oil contract Brent North Sea fell back under $100 Friday after surging past the key milestone the previous day on escalating Middle East strikes, helping US and European stock markets stabilize. Brent dropped about four percent to under $97 a barrel, having soared seven percent Thursday. The key US contract, West Texas Intermediate, declined more than three percent after having gained more than six percent on Thursday.
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