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US stocks erase a big early loss and rise after oil prices whip from nearly $120 back below $90
Oil prices surged near $120 amid Iran conflict fears before falling below $90, while the S&P 500 rebounded 0.8% after steep early losses, reflecting volatile market reactions.
- Oil briefly spiked to nearly $120 a barrel as the Iran war intensified, and Wall Street futures for the S&P 500, Nasdaq and Dow Jones Industrial Average fell more than 1% before the opening bell after retreating over 2% late Sunday.
- Both sides in the Iran war struck new targets over the weekend, including civilian sites, with Bahrain accusing Iran of hitting a desalination plant and a refinery declaring force majeure.
- Amid trading volatility in Asia and Europe, Japan's Nikkei plunged more than 7% early and closed 5.2% lower at 52,728.72, while U.S. airline shares fell over 3%.
- Senior officials of Southeast Asian countries are meeting in Manila as South Korean President Lee Jae Myung warned against hoarding and said the government would cap fuel prices, while the U.S. dollar gained at 158.45 yen and the euro rose to $1.1563.
- Analysts warned oil will likely fluctuate at elevated levels for weeks, reviving global inflation and weighing on economic growth; the last time oil rose above $100 was shortly after Russia invaded Ukraine in 2022.
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U.S. stocks erase a big early loss and rise after oil prices whip from nearly US$120 back below US$90
The U.S. stock market careened through a manic Monday, going from a steep early loss to a solid gain as worries turned into hope that the war with Iran may not last that long.
·Canada
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Associated Press News+12 Reposted by 12 other sources
US stocks erase a big early loss and rise after oil prices whip from nearly $120 back below $90
U.S. stocks rose following a remarkable reversal, as oil prices went from their highest prices since 2022 back below $90 per barrel.
·United States
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Total News Sources19
Leaning Left4Leaning Right1Center13Last UpdatedBias Distribution72% Center
Bias Distribution
- 72% of the sources are Center
72% Center
L 22%
C 72%
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