Stocks ended mixed after a volatile session on Thursday, as surging oil prices—driven by Donald Trump’s comments about a prolonged Iran conflict—weighed on market sentiment.
The Dow Jones Industrial Average slipped 61.07 points, or 0.13%, to close at 46,504.67. Meanwhile, the S&P 500 edged up 0.11% to 6,582.69, and the Nasdaq Composite gained 0.18% to finish at 21,879.18.
Markets staged a sharp intraday rebound after steep early losses, briefly turning positive when Iranian state media reported that the country was working with Oman on a plan to monitor vessels moving through the Strait of Hormuz. Earlier in the day, the Dow had plunged more than 600 points, while the S&P 500 and Nasdaq dropped as much as 1.5% and 2.2%, respectively.
Trading remained choppy throughout the session, with indexes swinging between gains and losses. The CBOE Volatility Index—often referred to as Wall Street’s fear gauge—spiked above 27 at its session high.
In a Wednesday night address, Trump said the U.S. was “getting very close” to ending the conflict but warned of aggressive action against Tehran, stating the country would be hit “extremely hard” and suggesting the war could continue for weeks.
His remarks fueled a sharp rally in crude prices. West Texas Intermediate crude jumped 11.41% to settle at $111.54 per barrel, its highest level since June 2022, while Brent crude rose 7.78% to $109.03.
Analysts expect oil to remain elevated for longer, which could sustain inflationary pressure, particularly as fuel costs tend to lag behind declines in crude prices.
Despite the week’s turbulence, major indexes posted solid gains overall. The S&P 500 rose 3.4% for the week, the Dow added nearly 3%, and the Nasdaq led with a 4.4% advance.
Thursday marked the final trading session of the shortened week, with markets closed for Good Friday. However, investors are still awaiting the release of March’s jobs report on Friday.
