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.