Stocks Close Near Session Lows While Crude Jumps: Markets WrapBy
WTI climbs above $80 as global energy crisis boosts demand
Aluminum extends advance to highest level since 2008 in London
The surge in energy prices fueled stock volatility amid an intensifying debate on whether inflation pressures will be transitory or derail the economy.
Traders also assessed a news report that China is expanding its crackdown to banks. The S&P 500 closed near session lows. West Texas Intermediate crude climbed above $80 a barrel for the first time since late 2014 as a power crisis from Europe to Asia boosts demand for oil. Aluminum, the energy-intensive metal that’s used in everything from beer cans to iPhones, hit a 13-year high. Treasury futures fell, with the cash market closed for Columbus Day.