US Stocks End Mixed as Oil Prices Surge and Fed Signals Tightening

The US stock market closed nearly unchanged on Thursday, despite volatile trading due to rising oil prices and Treasury yields.

The S&P 500 slipped 1.90 points, or 0.02%, to close at 7,704.13, while the Dow Jones Industrial Average fell 161.61 points, or 0.31%, to 51,349.98.

Oil prices surged on Middle East concerns after a Houthi missile attack on Saudi Arabia, causing Brent crude futures to settle at $106.60 a barrel and US West Texas Intermediate crude to settle at $94.61 a barrel.

Federal Reserve officials signaled additional tightening may be needed due to stubbornly elevated inflation, while economic data showed continued resilience with initial unemployment claims falling to 197,000 and new-home sales exceeding expectations.