The U.S. stock market rose to records after oil prices eased and companies kept reporting bigger profits for the start of the year than analysts expected.
More jumps for oil prices sent tremors through the bond market, along with hints that some Federal Reserve officials don’t want to cut interest rates any time soon.
About 90 ships including oil tankers have crossed the Strait of Hormuz since the beginning of the war with Iran.
U.S. stocks slumped after a report said inflation was primed to worsen even before the war with Iran sent oil prices spiking.
Oil shot to its highest price since 2023 after surging again because of the Iran war, and a weak update on the U.S. job market knocked stocks lower to cap Wall Street’s worst week since October.