Dow Climbs on Back of Surging Oil Prices

The S&P 500 fell Tuesday as oil prices topped their highest levels of 2023, raising concerns about a slowing global economy.

The Dow Jones Industrials recovered 56.34 points to break for lunch Tuesday at 34,720.06

The S&P 500 index let go of 13.6 points to 4,473.86.

The NASDAQ index fell 91.48 points to 13,826.41.

Oracle was the worst performer in the S&P 500, sliding 13% after posting revenue and revenue guidance that was weaker than expected. The software company reported $12.45 billion in revenue, lower than the $12.47 billion forecasted by analysts polled by LSEG. Other cloud competitors — including Amazon, Google-parent Alphabet and Microsoft — all slid.

Apple shares were lower ahead of the expected unveiling of a new iPhone model this afternoon. They were last down 1%.

Much attention is focused on key inflation data due later in the week, with the consumer price index expected Wednesday and the producer price index slated for Thursday.

Prices for the 10-year Treasury skidded, raising yields to 4.28% from Monday’s 4.26%. Treasury prices and yields move in opposite

Oil prices boomed higher $1.74 to $89.03 U.S. a barrel.

Gold prices stumbled $12.30 to $1,934.90 U.S. an ounce.