Oil Declines, Giving Stocks and Bonds a Boost: Markets Wrap
Smoke and flames rise from an energy installation in Fujairah, United Arab Emirates, on March 14.
Source: AFP/Getty ImagesA slide in oil prices lifted stocks and bonds on hopes that more tankers will be able to traverse the Strait of Hormuz, with signals that rich nations could release more stockpiles also helping sentiment.
While traffic through Hormuz remains at a near-standstill amid the war in the Middle East, US crude settled at $93.50 as a trickle of vessels started to find a way through the oil route. The S&P 500 rose 1%. Tech led the advance, with Nvidia Corp. climbing 1.6% as it expects to make at least $1 trillion from artificial-intelligence chips through the end of 2027.