US Stocks: S&P 500 Ends Down as Oil Tops US$100 per Barrel
Brent crude topped $100 and Treasury yields climbed after a buyback announcement, while energy rose and most S&P 500 sectors fell.
- Global stocks fell on Wednesday as entrenched conflict in the Middle East pushed oil prices above $100 a barrel, while bond yields rose to fresh multi-year highs as investors reacted negatively to the Treasury's plan to triple bond buybacks.
- Flaring hostilities in the Middle East drove Brent crude futures near $100 a barrel after Yemen's Tehran-backed Houthis attacked Saudi oil installations, marking a significant expansion of the six-month-old war.
- The Treasury announced it will buy back up to $6 billion of long-dated bonds on Thursday, three times its last buyback, intensifying pressure on yields approaching 5%, a level unsustained in almost two decades.
- Software stocks fell 1.4% and industrials dropped 1.5% as major indices declined, while energy stocks rose 1% as the only sector to gain amid the broader market selloff.
- PIMCO's Lotfi Karoui notes "Balanced portfolios are back: Higher bond yields are restoring fixed income," while investors view the 5% yield as a potential "buy" despite lingering market caution.
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44 Articles
Ottumwa Courier
World shares retreat and oil prices trade above $100 a barrel
World shares are mostly lower following a retreat on Wall Street as the price of crude oil again trades above $100 a barrel. U.S. futures were modestly higher early Thursday. On Wednesday, the S&P 500 lost 0.5% and the Dow…
The Straits Times
Free Malaysia Today NewsS&P 500 ends down as oil tops US$100 per barrel
The Dow Jones Industrial Average declined 0.77 per cent to 52,381.02 points. Read more at straitstimes.com.
The further escalation in the Middle East is poison for the US banks. Oil prices are rising again above the $100 mark. Only one industry can benefit from it.
(New York = Yonhap News) Correspondent Lim Soo-jung = The three major New York stock indices fell for the third consecutive day on the 9th (local time) due to the impact of international oil prices surpassing $100 and a surge in U.S. Treasury yields.
Dow falls more than 400 points as Brent crude settles above $101
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