The market staged quite the reversal, given that all three major benchmarks were on track for substantial gains earlier in the day. The Dow continued its second-quarter slump with a dramatic 530-point loss -- its fourth consecutive daily drop. The S&P 500 and Nasdaq both turned sharply lower as well, the latter falling triple digits.

Comments from Minneapolis Fed President Neel Kashkari did little to boost sentiment this afternoon, saying if inflation continues to "move sideways," it's possible there might not be any rate cuts at all this year.

OIL MARKS 5 STRAIGHT

Oil prices rose for the fifth consecutive session, hitting their highest levels since October, as tensions in the Middle East continue to rise. May-dated West Texas Intermediate (WTI) rose $1.16, or 1.4%, to settle at $86.59 a barrel.

Gold prices are inching lower after last session rising above $2,300 for the first time ever. At last look, June-dated U.S. gold futures were down $6.50, or down 0.2%, at $2,308.50. 

More By This Author: