Stocks rise and oil prices ease as Wall Street keeps yo-yoing because of the war with Iran
AP News • • business
Key Points:
- Wall Street stocks rose on hopes for a possible pause in the war with Iran, with the S&P 500 up 0.5%, the Dow Jones gaining 0.7%, and the Nasdaq increasing 0.8%, though market movements remained volatile amid ongoing uncertainty.
- Iran's foreign minister denied any current or planned negotiations to end the conflict, while Iran launched attacks on Israel and Gulf countries, prompting increased U.S. military deployments in the region.
- Oil prices fell 3% to $97.26 per barrel as optimism grew that easing conflict could restore Persian Gulf energy flows, while Treasury yields declined, potentially easing borrowing costs and economic pressures.
- Gold prices rose 3.4% despite earlier declines due to rising Treasury yields, reflecting shifting investor sentiment amid war-driven market dynamics.
- Key corporate moves included Arm Holdings surging 16.4% after launching new AI chips, Robinhood Markets rising 5% following a $1.5 billion stock buyback authorization, and Merck boosting 2.6% after announcing a $6.7 billion acquisition of Terns Pharmaceuticals.
