S&P 500 Gains 0.9% for 11th Win in 12 Weeks as Oil Drops 10%
Updated
Updated · CNBC · Jun 19
S&P 500 Gains 0.9% for 11th Win in 12 Weeks as Oil Drops 10%
3 articles · Updated · CNBC · Jun 19
Summary
The S&P 500 finished the shortened week up 0.9%, rebounding from Wednesday’s 1.2% Fed-driven drop with a 1.1% Thursday rally; the Nasdaq rose 2.4% for the week.
U.S. crude fell nearly 10% after Washington and Tehran signed a memorandum extending their ceasefire and reopening the Strait of Hormuz, easing inflation and supporting risk assets.
Fed officials had rattled markets by holding rates steady while signaling a possible hike to curb stubborn inflation, making Wednesday the S&P 500’s worst first Fed day under a new chair since 1994.
Intel jumped 10.6% on Thursday after Trump said Apple would work with the chipmaker on U.S. chip design, helping lift the semiconductor ETF 7.3% for the week.
The ceasefire memorandum gives the U.S. and Iran 60 days to reach a final peace deal, leaving the oil and equity boost tied to whether talks produce a lasting agreement.