Oil Prices Keep Rising and Weigh on Wall Street
Oil climbed to mult-week highs as Middle East fighting intensified, while U.S. stock futures weakened ahead of inflation data and a Federal Reserve meeting.
- Early Tuesday, The Dow Jones Industrial Average lost 543 points, or 1%, as flare-ups in the Middle East conflict pushed oil prices higher, with Benchmark crude surging 2.5% to $93.79 a barrel.
- Market anxiety was fueled by renewed fighting between an important ally and Iranian-backed rebels in Yemen, which escalated following a wave of Houthi attacks on oil facilities in Saudi Arabia.
- Tokyo's Nikkei sank 1.7% in Asia as major exporters struggled with a surging Japanese yen, while South Korea's Kospi lost 0.6% and Hong Kong's Hang Seng fell 0.4% during trading.
- Ahead of The Federal Reserve's meeting, the government will release the Producer Price Index on Thursday, followed by the more closely watched Consumer Price Index on Friday.
- Norihiro Yamaguchi of Oxford Economics warned supply-side inflation will accelerate as firms pass on costs, deteriorating consumers' "purchasing power," though the economy grew 1.4% annually in April-June, exceeding Earlier estimates.
19 Articles
19 Articles
Oil continues to rise with tensions in the Middle East and weighs increasingly heavily on American markets. ...
US stocks today: US stocks mixed at open as Gulf tensions send oil to over six-week high
Wall Street opened mixed on September 8 as renewed Middle East hostilities pushed oil prices to their highest level since late July. The Dow Jones fell while the S&P 500 was largely flat and Nasdaq edged higher. Investors are also awaiting key US inflation data due later this week.
Wall St mixed at open as Gulf tensions send oil to over six-week high
Sept 8 (Reuters) - Wall Street's main indexes were mixed at open on Tuesday as fresh hostilities in the Middle East pushed oil prices to their highest since late July, while markets await inflation data due later this week. The Dow Jones Indus...
The New York Stock Exchange opened to decline on Tuesday, facing rising energy prices with tensions in the Middle East, which keeps bond rates at peaks and penalizes stocks.
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