Oil prices keep spurting higher, while US stocks edge further from their record heights
Oil prices surged 5.8% to $110.44 per barrel on Wednesday as the US maintained its blockade of Iranian ships, while US stocks remained near record highs despite a drop in the Dow Jones Industrial Average. The S&P 500 finished nearly unchanged, with strong profit reports from companies like Starbucks and Visa offsetting concerns about inflation and interest rates.
The US stock market remained resilient on Wednesday despite a surge in oil prices and hints that the Federal Reserve may not cut interest rates soon. The S&P 500 finished nearly unchanged, while the Dow Jones Industrial Average dropped 280 points. Oil prices jumped 5.8% to $110.44 per barrel as the US maintained its blockade of Iranian ships. The Federal Reserve announced it would hold off on cutting interest rates, citing concerns about inflation. Treasury yields climbed in response, with the 10-year Treasury yield rising to 4.41%. Strong profit reports from companies like Visa and Starbucks helped offset concerns, with Visa jumping 8.3% and Starbucks climbing 8.4%. Companies that missed expectations, such as GE Healthcare Technologies, were punished with a 13.2% drop.
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