The S&P 500 moved into negative territory on Friday, weighed down by chip stocks, as investors assessed the latest developments regarding the Middle East conflict.
The Dow Jones Industrials popped 238.46 points to 51,946.51.
The much-broader inched higher 3.66 points to 7,411.96
The NASDAQ Composite flopped 161.87 points to 24,975.82
The Dow as well finished the week in the red, 0.6%, while the S&P fell 0.7%. The suffered a weekly loss of more than 2%.
U.S. President Donald Trump said he will soon make a decision on whether to launch a “massive attack” on Iran after the conflict in the Middle East extended to a new battleground in the Red Sea.
Speaking to Axios on Thursday, the president said the proposed strikes would be bigger than anything seen in the war so far, and that Iran has not “received enough pain yet.”
Stocks had moved higher earlier in the session, while oil prices pulled back, after Reuters, citing three Pakistani sources, reported that Pakistan is considering a path toward establishing new peace negotiations between the U.S. and Iran, with the push being initiated by China. However, obstacles to discussions with the U.S. are still high
Prices for the 10-year Treasury gained ground, lowering yields to 4.68% from Thursday’s 4.7%. Treasury prices and yields move in opposite directions.
Oil prices dipped $2.83 to $89.36 U.S. a barrel.
Gold prices gained $28.30 to $4,078.50 U.S. an ounce.
