Oil Prices Slide, But Stocks Hike
Stocks were higher on Monday even after the United States entered Israel’s war against Iran over the weekend by striking three nuclear sites as the increase in oil prices was relatively tame.
The Dow Jones Industrials popped 179.72 points to begin the last full week of June at 42,386.54.
The S&P 500 index recovered 31.25 points to 5,999.09.
The NASDAQ Composite leaped 95.43 points to 19,542.17.
Oil prices had already spiked in recent weeks following the increased tensions in the Middle East. U.S. crude oil futures on Sunday night reached highs not seen since January before paring those gains. slipped more than 1% on Monday, after Trump said in a Truth Social post that “everyone” should keep oil prices low, and doing otherwise “play into the hands of the enemy.”
Prices for the 10-year Treasury were much higher, weighing yields to 4.32% from Friday’s 4.38%. Treasury prices and yields move in opposite directions.
Oil prices faded 78 cents to $73.06 U.S. a barrel.
Gold prices gained $5.60 to $3,391.30 U.S. an ounce.
