Stocks were mixed on Friday, as President Donald Trump's threats toward Iran dashed hopes of peace and sent oil prices surging. The Dow snapped its three-day win streak, while the Nasdaq and S&P 500 settled higher. For the week, all three major indexes marked their first win in six.
Markets pared losses after Iranian state media noted the country is working with Oman to draft a protocol to “monitor transit” through the Strait of Hormuz. Elsewhere, the Cboe Volatility Index (VIX) saw its fourth-straight drop and nabbed its worst weekly loss since November. As a reminder, markets are closed tomorrow to observe Good Friday.
Oil Prices Surge as U.S. Threatens Iran
Oil prices settled sharply higher on Thursday, after President Trump said in his address that the U.S. will “hit” Iran “extremely hard” in the coming weeks. Front-month May-dated West Texas Intermediate (WTI) added 11%, or $11.42, to finish at $111.54 per barrel. For the week, oil rose roughly 9.3%.
Gold prices pulled back as investors bet on higher interest rates and the U.S. dollar gained strength. April-dated gold fell 4.2% to finish at $4,613.30 an ounce for the day, but rose 1.9% this week.
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