Stocks claw higher, oil regains ground

Oil prices jump as President trump threatens destruction of Iranian gunboats, raising the possibility of a drop-off in oil supplies.

By

World News

April 22, 2020 - 9:57 AM

The Wall Street sign outside the New York Stock Exchange. Photo by Luiz C. Ribeiro for New York Daily News/TNS

NEW YORK (AP) — Stocks around the world were clawing higher this morning, and the S&P 500 climbed toward its first gain of what’s been a dismal week.

Even the oil market gained ground. Prices for crude have been turned upside down because of how much extra oil is sloshing around following a collapse in demand. After zig zagging overnight, U.S. oil prices jumped more than 20% after President Donald Trump threatened the destruction of any Iranian gunboats that harass U.S. Navy ships, raising the possibility of a drop-off in oil supplies.

The S&P 500 was up 1.6% after the first half hour of trading, following milder gains in Europe and Asia. Treasury yields also inched higher in a sign of a bit less pessimism in the market.

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