NEW YORK (AP) — Stocks gained ground Friday as oil prices slipped for the first time in a week, but Wall Street is still heading for a losing week.The S&P 500 rose 0.4%. The index is still on track for its second consecutive losing week, which hasn’t happened since March.The Dow Jones Industrial Average rose 296 points, or 0.6%, as of 12:47 p.m. The Nasdaq slipped 0.1% and was kept in check by sharp losses from several big stocks.
Both indexes are also on track for weekly losses.Micron Technology fell 5.3% and Broadcom fell 1.9%. 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 other indexes.Wall Street is closing out a week of increasing pressure from a sharp escalation in the U.S.
Heavy fighting in the Middle East again threatened to slow the global flow of oil and gas. Many of the buffers in the energy market from earlier in the year, including strategic reserves in the U.S., have also 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 Teddy Bunzel, head of geopolitical advisory at Lazard Asset Management, in a report.Brent crude, the international standard, fell 4.7% to $95.98. 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 4.66% 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 Friday on stopgap levies the president imposed after a stinging defeat for other tariffs at the Supreme Court.Rising energy prices and fresh tariffs could result in hotter inflation, which has been squeezing consumers and looming over the Federal Reserve’s interest rate policy.The Fed meets later this month and has been closely monitoring pri…
NEW YORK (AP) — Stocks wavered Friday as oil prices slipped for the first time in a week, but Wall Street is still heading for a losing week.The S&P 500 rose 0.1%. The index is on track for its second consecutive losing week, which hasn’t happened since March.The Dow Jones Industrial Average rose 133 points, or 0.3%, as of 10:25 a.m. The Nasdaq fell 0.5%., weighed down by sharp losses from several big stocks.
Summary from source