Oil hovers near highest level of Iran war and stocks edge lower
Oil prices surged to near their highest level since the Iran war began, while US stocks remained near records despite a drop in the Dow Jones Industrial Average. The S&P 500 finished nearly unchanged as fat profit reports from companies like Starbucks and Visa helped the market stay resilient.
Oil prices jumped 5.8% to $110.44 per barrel on Wednesday, near the highest level since the Iran war started. The US stock market remained near records, with the S&P 500 finishing nearly unchanged. The Dow Jones Industrial Average dropped 280 points, or 0.6%. The Nasdaq composite inched up by less than 0.1%. Companies like Visa and Starbucks reported stronger profit growth than expected, boosting their stocks. The Federal Reserve's decision to hold off on interest rate cuts also affected the market, with Treasury yields climbing in response.
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