Oil Prices Soar Amid Mideast Tensions, Fed Decision

Oil prices jumped by 7.3% to settle above $88 per barrel after fighting resumed in the war with Iran and raised worries about the global flow of oil.

The US stock market flipped between losses and small gains after the Federal Reserve opted not to raise interest rates, but ultimately trimmed its losses amid uncertainty about what the central bank will do to get high inflation under control.

The S&P 500 slipped 0.1% in late trading, while the Dow Jones Industrial Average was down 688 points, or 1.3%, and the Nasdaq composite lost 0.7%.