Oil Prices Fall, Stocks Recover Amid Ongoing Trade War Concerns
Stocks on Wall Street showed signs of recovery on Friday as crude oil prices fell for the first time in a week, but investors remain concerned about the impact of rising energy costs and fresh tariffs on consumer spending.
The S&P 500 rose 0.4%, while the Dow Jones Industrial Average gained 296 points, or 0.6%, by midday Eastern time. However, both indexes are still on track for weekly losses.
Oil prices have been a major concern for investors as tensions in the Middle East have threatened to disrupt global energy supplies. Brent crude, the international standard, fell 4.7% to $95.98 per barrel, after reaching above $100 earlier this week.
The U.S. trade war with Iran has also taken center stage, with a fresh round of tariffs on dozens of nations set to go into effect. This move could lead to higher prices for consumers and squeeze household budgets.