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The Dow Jones Industrial Average fell on Wednesday as investors continued to eye developments in the U.S.-Iran war and oil prices.
The 30-stock index came off its lows of the afternoon, but still fell short of breakeven 289.24 points to close Wednesday at 47,417.27.
The S&P 500 index sank 5.68 points to 6,775.80.
The NASDAQ forged into the green 19.03 points to 22,716.14.
West Texas Intermediate futures climbed more than 4% to roughly $87 per barrel. Brent crude also traded more than 4% higher at about $92 per barrel. That’s even after the International Energy Agency said it’s going to release 400 million barrels of oil — the largest-ever release from its reserves — to target the disruption in supply triggered by the war.
A prolonged conflict could keep oil prices elevated. U.S. forces on Tuesday sunk several Iranian ships, including 16 minelayers, near the Strait of Hormuz as Tehran was seeking to mine the critical shipping route at the center of concerns around oil supplies.
The United Kingdom Maritime Trade Operations also said Wednesday that three cargo ships off Iran’s coast, one of which was in the Strait, have been struck by projectiles.
This comes just days after President Donald Trump said earlier this week that the war will end “very soon.”
The consumer price index increased 2.4% on a year-over-year basis in February. That was in line with what economists polled by Dow Jones anticipated. The report comes after signs of a weakening labor market have grown in recent months.
Oracle shares were a bright spot Wednesday, jumping 9% after the software vendor’s earnings and revenue for the fiscal third quarter exceeded analysts’ expectations. The company also raised its fiscal 2027 revenue forecast.
Prices for the 10-year Treasury lost ground, raising yields to 4.23% from Tuesday’s 4.15%. Treasury prices and yields move in opposite directions.
Oil prices climbed $4.85 to $88.30 U.S. a barrel.
Gold prices dumped $55.00 to $5,187.10 U.S. an ounce.
