Wall Street Mixed Amid Ongoing Mideast Tensions
Stocks on Wall Street experienced a mixed day Monday, while crude oil prices dropped significantly after the U.S. and Iran paused their attacks. The war between the two countries had been causing concerns about global oil supplies.
The S&P 500 fell 0.2%, but the Dow Jones Industrial Average rose 155 points, or 0.3%, as of 2:25 p.m. Eastern time. The Nasdaq composite dropped 0.4%.
Oil prices had surged to over $100 a barrel last week due to the conflict, but Brent crude fell 6.6% to $85.63 a barrel for October delivery.
The Strait of Hormuz, a vital shipping route, has been impacted by the war, causing ripple effects throughout the world's economy. This has led to higher gasoline prices and increased shipping costs, which businesses often pass on to consumers.