The S&P 500 rose 0.6% in midday trading and is on track to claw back most of its loss since the war with Iran began. The Dow Jones Industrial Average was up 237 points, or 0.5%, as of 11:15 a.m. Eastern time, and the Nasdaq composite was 1.1% higher.
The strength followed a scary start to Wednesday, when South Korea’s Kospi stock index plunged 12.1% for its worst day in history. Uncertainty about the war has sent prices in financial markets careening up and down hour by hour this week, with most taking their cues from what the price of oil is doing.
Oil prices moderated as trading moved westward from Seoul and the rest of Asia to Europe. After briefly topping $84 per barrel, the price for a barrel of Brent crude, the international standard, eased back to $81.49, a 0.1% rise. A barrel of benchmark U.S. crude fell 0.6% to $74.11.
Stocks also got a boost from increased hopes for the U.S. economy.
One report said growth for U.S. businesses in the real estate, financial and other services industries accelerated last month at the fastest pace since the summer of 2022. Encouragingly for inflation, it also said prices for such businesses are increasing at a slower rate, at least before the war with Iran began.
