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Stocks Open Higher, Oil Prices Climb 09/03 09:31
Stocks rose in morning trading Thursday on Wall Street as bond yields eased
further even as oil prices marched higher as the U.S. war with Iran escalates.
(AP) -- Stocks rose in morning trading Thursday on Wall Street as bond
yields eased further even as oil prices marched higher as the U.S. war with
Iran escalates.
The S&P 500 was up 0.5%. The Dow Jones Industrial Average added 340 points,
or 0.6%, as of 10:01 a.m. Eastern time. The Nasdaq composite rose 0.7%. The
indexes are coming off their first gain after a three-day slide.
Nvidia rose 1.9% after the giant chip company said it would buy the
artificial intelligence platform Hugging Face for $13 billion.
Oil prices ticked higher as the six-month long U.S. war with Iran
intensified.
Iran fired at Kuwait on Thursday in retaliation for U.S. bombardments
earlier in the week. The fighting between the U.S. and Iran heated up after the
U.S. hit Iranian rocket launchers Sunday on an island in the Strait of Hormuz,
saying Iran was planning to use them to send mines into the waterway.
The renewed fighting has sent U.S. crude prices sharply higher this week, up
11%, a trend that continued Thursday. Brent crude, the international standard,
rose 0.6% to $96.23 per barrel. Benchmark U.S. crude rose 1.2% to $92.12 a
barrel.
Rising oil prices have added to existing inflationary pressures and
exacerbated a bond-market sell-off earlier this week.
But bond yields have shown signs of stabilizing.
The yield on the 10-year Treasury, which tends to impact mortgage rates,
dropped to 4.75% from 4.79% late Wednesday. It has been rising steadily
throughout the year and was as low as 4.20% at the beginning of 2026.
The yield on the 2-year Treasury, which closely tracks expectations for
Federal Reserve moves on interest rates, slid to 4.32% from 4.39%. It remains
significantly higher for the year, though, and was as low as 3.50% at the
beginning of 2026.
In economic news, the Labor Department reported Thursday that more Americans
filed for unemployment benefits last week, but layoffs are still rare and
jobless claims remain at historically low levels.
On Friday, the crucial U.S. employment report for August is released.
Markets rose Europe, but were mixed in Asia.
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