Stocks Brush Off Inflation Data, Trade Optimism
Despite this morning's soft inflation data and a preliminary U.S.-China trade agreement, the major indexes reversed their midday gains. The Nasdaq dropped 99 points, snapping its three-day win streak alongside the S&P 500, while the Dow finished flat. Though the Cboe Volatility Index (VIX) earlier hit its lowest level since February, it finished the day with only its third daily gain in two weeks.
OIL JUMPS NEARLY 5% AMID IRAQ TENSIONS
Oil prices rose amid escalation tensions in Iraq. July-dated West Texas Intermediate (WTI) crude climbed $3.17, or 4.88%, to settle at $68.15 per barrel.
Gold inched higher after inflation data. August-dated gold futures rose just 30 cents to settle at $3,343.70 per ounce.
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