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…
On Friday, Wall Street experienced a generally negative performance as rising oil prices put pressure on stocks. The S&P 500 fell by 0.2%, continuing its decline from the previous day, and is on track for a second consecutive week of losses. The Dow Jones Industrial Average dropped by 541 points, or 1%, while the Nasdaq composite rose by 0.2%, driven by gains in several major tech companies.
However, the overall market sentiment was mostly bearish, with three-quarters of the stocks in the S&P 500 index falling. Brent crude oil prices surged 2.4% to $115.86, having risen from under $97 at the beginning of October and reaching their highest level since March. Despite the overall market decline, several AI-related companies, such as Micron Technology and Microsoft, managed to offset some of the negative impact from the broader drop in most stocks.
Nvidia's 0.3% gain also helped cushion the losses in the broader market, highlighting the significant influence of the tech sector on the overall market movement.
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.
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