Business
Stocks Give Back Early Gains. Watch Oil Prices.
Wall Street reacted to a double-whammy of lower growth and higher inflation by bidding up stocks. Then oil prices crept back.
The Dow was down 65 points, or 0.1%, after rallying 400 points earlier in the session. The S&P 500 was down 0.5%. The Nasdaq Composite was down 0.9%.
The market’s fall off its session highs follows a move higher for WTI crude oil futures. The U.S. benchmark was up 2.1% to $97.76 after falling to $92.04. Brent crude futures were back up 1.9% to $102.29.
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Stocks slid again as oil prices spiked on Friday, as the major indexes fell for a third-straight week.
The Dow Jones Industrial Average fell 119 points, or 0.3%. The S&P 500 was down 0.6%. The Nasdaq Composite was down 0.9%. All three marked their lowest close since late November.
The war in Iran was the market’s main driver this week. West Texas Intermediate rose 3.1% to $98.71 a barrel on Friday, while Brent crude oil futures rose 2.7% to $103.14.
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Critics have seized on the activity, calling for a crackdown on the apps, which they say are facilitating unseemly, and potentially illegal, war profiteering, generating national security risks and enabling opportunities for insider trading and corruption.
Mapped: How Iran war has driven up petrol prices in your area
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