US Stock Markets End the Week Higher as Oil Prices Retreat
As the slowdown in oil prices brought relief to Wall Street, stocks wrapped up their first winning week in the past three weeks.
With the drop in oil prices easing pressure on the markets, indices on Wall Street closed the week higher, and the S&P 500 achieved its first winning week in three weeks.
The Impact of Oil Prices
The price of Brent crude oil per barrel declined by 2.8 percent to drop to $97.44, boosting morale in the Wall Street markets. The situation in the Middle East and expectations regarding the reopening of the Strait of Hormuz are causing fluctuations in oil prices.
Changes in Stock Indices
The S&P 500 index gained 0.5 percent in value, ending a three-day losing streak and holding near 0.7 percent of its all-time high. The Dow Jones Industrial Average rose by 478 points, a 0.9 percent increase, while the Nasdaq composite index also climbed by 0.5 percent.
Consumer Confidence and Bond Yields
The consumer confidence report released by the University of Michigan showed that consumers expect an inflation rate of 4.6 percent for the coming year. Following this report, the 10-year Treasury bond yield recorded an increase in the morning hours.
Company Performances
Akamai Technologies saw a 3.2 percent increase in its shares after announcing a multi-year deal worth $11.6 billion with Anthropic. Meanwhile, Costco Wholesale gained 2.9 percent in value following the release of strong earnings that beat analysts' expectations.