US stocks closed mixed on Wednesday as renewed US-Iran tensions sent oil higher. The Nasdaq edged up 0.2% while the Dow fell roughly 1% and the S&P 500 slipped 0.2%, with crude climbing about 5% after Washington revoked Iran's oil export license.
US equities split on Wednesday as a flare-up between Washington and Tehran drove oil higher and pulled the broader market lower. The Dow Jones Industrial Average fell roughly 1%, or more than 500 points, while the S&P 500 dropped 0.2%. The tech-weighted Nasdaq Composite trimmed its earlier losses to gain 0.2%.
Investors digested a sharp reescalation after American forces struck Iran late Tuesday in response to attacks on three commercial vessels in the Strait of Hormuz. President Trump, speaking in Ankara ahead of a NATO summit, said the US-Iran ceasefire agreement was over amid the hostilities.
The president called Iran a waste of time to deal with, telling reporters of Iran: "As far as I'm concerned, it's just a waste of time dealing with them." He later added that he didn't think the war would fully restart, Bloomberg reported, even as he suggested the US would probably strike again.
The Treasury then revoked a license that had allowed Iran to export oil globally, adding to concerns over potential supply disruptions. Crude prices climbed by about 5%, with West Texas Intermediate trading above $74 a barrel and Brent holding near $78 a barrel.
Investors also parsed the Fed's June meeting minutes, released after the central bank held rates steady at its first meeting under Chairman Kevin Warsh. The minutes revealed a divided committee, with a few officials arguing that a rate hike could be warranted, though policymakers ultimately agreed to keep rates on hold.
Source: Yahoo! Finance
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