The Dow Jones Industrials fell Thursday in volatile trading as oil prices surged following President Donald Trump’s remarks that the Iran war would continue for weeks.
The 30-stock index remained negative 61.01 points to 46,504.73.
The S&P 500 index moved out into positive country, 7.35 points to 6,582.68.
The NASDAQ asserted itself 38.23 points to 21,879.18.
The three major indexes ripped higher from their steep losses earlier in the day to briefly turn positive after Iranian state media said that the Middle Eastern country is working with Oman on a protocol to “monitor” ships passing through the Strait of Hormuz.
Major cruise operators tumbled after President Donald Trump’s speech failed to outline a clear path to end the war in Iran, leading oil prices to surge and reigniting demand fears. Carnival, Royal Caribbean and Norwegian Cruise Line all fell about 4%.
Higher oil prices also sent airline stocks tumbling, with Delta Air Lines, United Airlines, Southwest Airlines and Alaska Air all fell about 4%.
Trump’s comments led to a surge in oil prices. West Texas Intermediate crude futures were last up 11% at above $111 per barrel, while
Brent crude futures advanced 7% to above $108 a barrel.
Prices for the 10-year Treasury gained ground, weighing on yields to 4.31% from Wednesday’s 4.33%. Treasury prices and yields move in opposite directions.
Oil prices gained $11.25 to $111.37 U.S. a barrel.
Gold prices tailed off $117.60 to $4,695.50 U.S. an ounce.
