Wall Street mostly loses ground under pressure from rising oil prices
NEW YORK — Stocks slipped on Wall Street Friday under increasing pressure from rising oil prices. The S&P 500 fell 0.2 percent, adding to its decline from a day before. The index is on track for a second-straight week of losses. The Dow Jones Industrial Average fell 541 points, or 1 percent, as of 11:12 a.m. Eastern time. The Nasdaq composite rose 0.2 percent, bolstered by gains for several big…
Wall Street experienced a mostly downward trend on Friday as stocks faced mounting pressure from surging oil prices. The S&P 500 sank by 0.2 percent, extending its decline from the previous day and positioning itself for a second week of losses. The Dow Jones Industrial Average dropped 541 points, or 1 percent, as of 11:12 a.m. Eastern time. In contrast, the Nasdaq composite edged up by 0.2 percent, buoyed by gains in several prominent tech companies that helped mitigate overall market losses.
Oil prices played a significant role in the market's performance, with three out of four stocks in the S&P 500 index falling. The price of a barrel of Brent crude oil surged 2.4 percent to reach $115.86, marking its highest level since March. This price increase was fueled by a surge from less than $97 at the beginning of October.
Amidst the broader market downturn, AI-related companies displayed resilience. Micron Technology rose by 3.4 percent, while Microsoft gained 0.8 percent, both contributing to offsetting the impact of the overall market decline. Nvidia's performance was particularly noteworthy, with a relatively modest 0.3 percent gain that significantly helped counteract losses elsewhere in the market. The tech sector's influence on the market's trajectory appeared to be substantial.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
