Highlights
Worries about energy prices and the war in the Middle East spurred another selloff in stocks Thursday but comments from Israel's prime minister helped the market recover from the day's worst levels.
The Dow dipped 0.4 percent while the S&P 500 and the Nasdaq both lost 0.3 percent. The dollar fell while bond yields were mixed with longer yields lower and shorter yields higher. WTI crude oil prices edged down.
Stocks recovered from the day's lows in the afternoon after Israeli PM Benjamin Netanyahu's comment that Israel acted alone in striking the Iranian gasfield and that President Trump had asked him to desist in these attacks. That sent oil and other energy prices down from morning highs though they remain extremely elevated and volatile. Earlier, Iranian counterstrikes at Persian Gulf energy infrastructure spurred surging energy prices and bigger stock losses.
Among sectors, energy fared best. Worst performers included consumer discretionary, industrials, materials, consumer staples and real estate.
Definition
Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.
Description
Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.