NEW YORK (AP) – U.S. stocks were mostly unchanged Friday after four straight days of losses. The price of oil slipped following a big gain the day before, when traders worried that the escalating conflict in the Middle East would affect the flow of crude from the region.
KEEPING SCORE: The Dow Jones industrial average rose three points, or 0.02 percent, to 17,681 as of 9:50 a.m. Eastern. The Standard & Poor’s 500 index rose a point, or 0.1 percent, to 2,058 and the Nasdaq composite was up 17 points, or 0.3 percent, to 4880.
OIL PRICES: Benchmark U.S. crude fell $1.65 to $49.78 a barrel in New York. That comes after a 4.5 percent gain on Thursday. Brent crude, a benchmark for international oils, was down $1.40 at $57.77 a barrel in London.
MIDDLE EAST: The turmoil in Yemen is also a key focus for investors, particularly in oil markets. The conflict has erupted into a regional conflict, with Saudi Arabia and its allies bombing Shiite rebels allied with Iran, while Egyptian officials said a ground assault will follow the airstrikes. Iran denounced the Saudi-led air campaign, calling it “a dangerous step.”
The military action has turned impoverished and chaotic Yemen into a new front in the rivalry between Saudi Arabia and Iran.