Stocks are volatile, oil soars as Trump rattles markets with lack of clear exit plan | CNN Business
Stocks were volatile and oil prices soared Thursday as investors monitored developments in the Middle East and digested President Donald Trumpâs pledge to intensify the war with Iran. The Dow fell 61 points, or 0.13%, paring losses after dropping by more than 650 points earlier. The S&P 500 and Nasdaq rose 0.11% and 0.18%, respectively, erasing losses after each dropping by more than 1.5% earlier. Stocks had opened lower Thursday but regained ground after reports from Iranâs semi-official news agencies that Iran and Oman are drafting a protocol to facilitate traffic through the Strait of Hormuz. Traders are fixated on when oil might resume flowing through the strait. Oil prices climbed and market volatility remained elevated after Trump, in an April 1 evening address to the nation, revealed no clear exit strategy and no solution to the effective closure of the strait, which has choked off one-fifth of the global supply of oil. Investors are concerned that the war will continue to push up global energy costs, leading to higher inflation and slower economic growth. âThe fog of war remains thick and crude flows are still too low to sound the all-clear,â Felix Vezina-Poirier, c
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