Wall Street ends in the red after a week marked by threats over the Strait of Hormuz
Wall Street closed this Friday in the red after a week marked by the war between the US and Israel with Iran and threats over the Strait of Hormuz, a strategic route through which 20% of the world's crude oil passes. At the close of the New York stock exchange, the Dow Jones fell 0.26% to 46,558 points; the selective S&P 500 retreated 0.61% to 6,632 units, and the technology Nasdaq lost 0.93% to 22,105 points.
TL;DR
- Wall Street indices (Dow Jones, S&P 500, Nasdaq) closed lower for the week.
- The price of Texas crude (WTI) rose significantly, approaching $100 per barrel, due to threats over the Strait of Hormuz.
- US Secretary of War Pete Hegseth stated that Iran's actions in the Strait of Hormuz are desperate.
- Investors worry that sustained high oil prices could lead to stagflation in the US economy.
- The US is releasing 172 million barrels of crude from its strategic reserve, and the IEA is releasing 400 million barrels.
- US inflation remained at 2.4% in February, above the Federal Reserve's target.
- There is a 99% probability that the Federal Reserve will maintain interest rates at its next meeting.