Stocks Fall and Oil Rallies on Middle East Tensions
Wall Street indexes declined as rising U.S. inflation and fading hopes for a Middle East peace deal pushed oil prices above 100 dollars per barrel. Treasury yields rose following reports of sharp consumer price increases while global markets reacted to political instability in the United Kingdom.
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The S&P 500 fell 0.16% to 7,400.96 on Tuesday as rising inflation and fading Middle East peace hopes drove oil prices higher. West Texas Oil rose 4.19% to $102.18 a barrel after ceasefire talks between the United States and Iran stalled. Persistent energy costs and sharp CPI data bolster expectations that the Federal Reserve will maintain current interest rates.
