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Oil jumps to $100 per barrel and stocks sink worldwide with no clear end in sight for the Iran war
Business
AP

Oil jumps to $100 per barrel and stocks sink worldwide with no clear end in sight for the Iran war

  • By STAN CHOE - AP Business Writer
  • Updated

Worries about the war with Iran sent oil prices back to $100 per barrel and stocks sinking worldwide. The S&P 500 fell 1.5% Thursday and returned to big swings following a couple days of relative calm. The Dow Jones Industrial Average dropped 1.6%, and the Nasdaq composite sank 1.8%. The center of action was again the oil market, where the price of a barrel of Brent crude got as high as $101.59. Treasury yields climbed in the bond market on worries about higher inflation and fewer cuts to interest rates by the Federal Reserve.

Powell signals Fed may cut rates soon even as inflation risks remain
National

Powell signals Fed may cut rates soon even as inflation risks remain

  • By CHRISTOPHER RUGABER AP Economics Writer

Federal Reserve Chair Jerome Powell on Friday opened the door ever so slightly to lowering a key interest rate in the coming months but gave no hint on the timing of a move and suggested the central bank will proceed cautiously as it continues to evaluate the impact of tariffs and other policies on the economy. In a high-profile speech closely watched at the White House and on Wall Street, Powell said that there are risks of both rising unemployment and stubbornly higher inflation. Yet he suggested that with hiring sluggish, the job market could weaken further.