Oil Prices Jump Back to Where They Were in May and Weigh on Wall Street
Rising fuel costs lifted inflation pressures and pushed futures lower as traders bet the Federal Reserve will raise rates next week.
- The Dow Jones Industrial Average fell 300 points, or 0.6%, on Thursday as the Nasdaq composite dropped 0.9% amid renewed inflation concerns on Wall Street.
- Oil prices climbed as the war with Iran continues to restrict global supply, pushing Brent crude above $105 a barrel for the first time since May.
- A report showed wholesale Inflation picked up, with Gasoline prices up about 32% to $4.22 per gallon, adding pressure from rising fuel costs.
- Markets in Europe fell, with Germany's DAX down 0.6% and France's CAC-40 down 1.3%, as the European Central Bank raised its interest rate to combat Inflation.
- Bond yields rose, with the 10-year Treasury climbing to 4.91% from 4.83%, while Macy shares slipped during premarket trading despite the retailer raising profit guidance.
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89 Articles
Oil Prices Leap to Their Highest Since May
US stocks sank on Thursday after oil prices doubled back to where they were in May. The S&P 500 fell 44.66 points, or 0.6%, to 7,591.70. its four straight loss. The Dow Jones Industrial Average fell 316.56 points, or 0.6%, to 52,064.10....
The Columbian
Oil prices climb back to where they were in May and drag Wall Street lower
NEW YORK — Oil prices keep climbing as the war with Iran keeps clogging the global flow of crude, and they got back to where they were before the summer on Thursday. That’s worsening worries about inflation and cranking up pressure within the bond market, helping to send stocks lower again on Wall Street.
Oil prices jump back to where they were in May and weigh on Wall Street
NEW YORK (AP) — Oil prices are climbing again and are back to where they were before the summer as the war with Iran keeps clogging the global flow of crude. That’s worsening worries about inflation and cranking up pressure within the bond market, helping to send stocks lower again on Wall Street Thursday. The S&P 500 fell 0.6% and is on track for a fourth straight loss. The Dow Jones Industrial Average fell 300 points, or 0.6%, and the Nasdaq c…
Protothema
PentapostagmaBrent's surge above $101 weighed on indices and the bond market as investors brace for the latest critical inflation data before the Fed's meeting next week.
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