Wall Street swings to a mixed finish as yields veer in the bond market
NEW YORK (AP) – Wall Street swung to a mixed finish Monday, continuing a monthslong run where it’s slavishly followed the cue of the bond market.
The S&P 500 slipped 7.12 points, or 0.2%, to 4,217.04, coming off its worst week in a month. The Dow Jones Industrial Average dropped 190.87, or 0.6%, to 32,836.41. The Nasdaq composite rose 34.52, or 0.3%, to 13,018.33.
The 10-year Treasury yield has been mostly climbing for a few reasons, and it’s been catching up to the overnight interest rate that the Hamas-Israel war.
A barrel of benchmark U.S. crude oil tumbled $2.59 to settle at $85.49. Brent crude, the international standard, fell $2.33 to $89.83 per barrel.
U.S. oil had been above $93 last month, and it’s bounced up and down since then amid concerns that fighting in the Gaza Strip could lead to disruptions in supplies from Iran or other big oil-producing countries.
Gold’s price, meanwhile, eased after jumping last week on worries about the war. An ounce slipped $6.60 to $1,987.80 as investors felt less need to herd into investments considered safer.
Energy giant Chevron is putting some of its strength to work by buying rival Hess. Pioneer Natural Resources in an all-stock deal valued at $59.5 billion.
Apple rose 0.1% after recovering earlier losses, following reports that
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In stock markets abroad, indexes were mixed in Europe after falling sharply in much of Asia.
AP Writers Zimo Zhong and Matt Ott contributed.