S&P 500 Rises As Oil Sinks On Iran Talk Hopes: Stock Market Today
Key takeaways
- The S&P 500 rose 0.4% on Friday, driven by a roughly 4% slide in oil prices and a broad relief rally.
- S&P 500 rose 0.4%
- Dow Jones gained 0.5%
- Nasdaq 100 fell 0.4%
What happened
The S&P 500 rose 0.4% on Friday, with the Dow Jones gaining 0.5% and the Nasdaq 100 falling 0.4%. Oil prices slid about 4% to near $88.25 a barrel, easing inflation and rate-hike anxieties. The 10-year Treasury yield edged down about 4 basis points to 4.67%. Tenet Healthcare Corp. soared 17.1% amid strength in hospital operators.
Why it matters
The rally was sparked by a roughly 4% slide in oil prices, which cooled inflation and rate-hike anxieties. The Federal Reserve's upcoming meeting on next Wednesday is also a key factor, with markets pricing a 35% probability of a rate hike. The resilience in oil-services names, such as SLB, also contributed to the…
Short-term and longer-term
Short-term. The rally in the S&P 500 and Dow Jones was driven by a roughly 4% slide in oil prices, which cooled inflation and rate-hike anxieties.
Longer-term. Over the next few months, ask whether this changed growth, prices, or the path of interest rates.