Oil Rise Causes Wall Street Drift
The situation with Iran, as a major oil producer, has raised concerns that an escalation could affect neighboring countries integral to the crude flow. However, signals indicating that oil supplies remain ample are helping to keep prices in check.
In the bond market, Treasury yields rose following reports on the U.S. economy.
One indicated that growth in real estate, healthcare, and other service businesses accelerated to its strongest pace since February 2023, surpassing economists' expectations, although employment trends may be slowing.
A separate report suggested that layoffs across the United States remain relatively low. While slightly more workers filed for unemployment benefits last week, the numbers remain low compared to historical averages.
Stocks are close to record highs due to hopes that the U.S. economy will continue to grow, especially after the Fed cut interest rates for the first time in more than four years last month. The Fed signaled more cuts could arrive through next year.
