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Stock impact report

Falling oil prices send stocks higher [Globe and Mail, The (Toronto, Canada)]

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The S&P 500 rose 1% in early trading, coming off its third straight losing week , its longest such streak in a year. The Dow Jones Industrial Average was up 325 points, or 0.7%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 1.2% higher. The driver for markets once again was the price of oil. A barrel of benchmark U.S. crude fell 4.1% to $94.62, easing some pressure off the economy after topping $102 earlier in the morning. Brent crude, the international standard, fell 1.4% to $101.72 per barrel after earlier getting as high as $106.50. Oil prices have been mostly ripping higher from roughly $70 per barrel since the United States and Israel began their attacks on Iran. In response, Iran hit energy infrastructure in the Persian Gulf area with drones and missiles. It also effectively halted traffic through the narrow Strait of Hormuz , where a fifth of the world's oil typically sails. That has oil producers cutting production because their crude has nowhere to go. The Show less Read more
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