NEW YORK (AP) — Hour-to-hour swings for oil prices keep jerking financial markets around, and U.S. stocks are drifting Thursday following the latest reversal.
The S&P 500 rose 0.2% and inched closer to its all-time high set last week. The Dow Jones Industrial Average was up 351 points, or 0.7%, as of 2:30 p.m. Eastern time, and the Nasdaq composite was 0.2% higher.
All three indexes erased early drops and gained strength following the latest U-turn for oil prices. Brent crude oil briefly got above $109 per barrel in the morning, threatening to worsen the world's already high inflation, before quickly erasing all its gains in midday trading and falling 2% to $102.93.
