Rising Oil Prices Push Stocks Lower Amid Mixed Earnings
US stocks took a step back on Thursday as investors weighed rising oil prices and mixed earnings reports from companies. The S&P 500 fell 13.59 points, or 0.2%, to 7,709.96, pulling further away from its record set on Tuesday.
The Dow Jones Industrial Average dropped 464.02 points, or 0.9%, to 53,885.10, while the Nasdaq composite fell 15.09 points, or 0.1%, to 26,348.35.
Despite the decline, both the Dow and Nasdaq are on track for solid weekly gains, said Clark Bellin, president and chief investment officer at Bellwether Wealth.
Rising oil prices added pressure to stocks, with Brent crude rising 3.8% to $82.49. The uncertainty surrounding the US war with Iran has stifled global oil flow, leading to increased costs for shipping and higher gasoline prices.