Stock Losses Deepen as S&P 500 Breaches Key Level: Markets Wrap
- Oil falls after hitting $90, while still rising for the week
- Treasury yields drop from multiyear highs; gold is near $2,000
This article is for subscribers only.
Stocks fell around the world, while bonds climbed with gold on concern the Israel-Hamas war will escalate into a wider conflict in the Middle East. Oil pulled back after hitting $90 a barrel.
The S&P 500 dropped over 1%, notching its worst week in a month. It breached the 200-day moving average — seen by some chartists as a bearish signal. Wall Street’s “fear gauge” — the VIX — hit the highest since March. US airline shares posted their longest weekly slide in over two years as major carriers dial back forecasts in the face of elevated oil prices and wages.