Economics
Stocks Rise, Oil Drops But Iran Jitters Remain: Markets Wrap
- West Texas oil below $61; Treasuries fall, dollar gains
- Gold retreats after touching $1,600 an ounce; yen drops
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U.S. stocks rose to records and Treasuries fell after President Donald Trump toned down rhetoric against Iran. Equities closed well off highs as reports of fresh rocket attacks in Baghdad heightened investor jitters.
The S&P 500 jumped to an intraday record after the U.S. president suggested further military action against Iranian targets is not necessary. The rally faded into the close after reports that rockets hit the Green Zone in Iraq’s capital where the U.S. embassy is located. Equities had swooned overnight around the world after Iran launched missiles at U.S. bases in Iraq, escalating tensions that flared last week.