NEW YORK (AP) — The U.S. stock market held steadier Tuesday as Wall Street waited for the next signal on when the war with Iran may end.
The S&P 500 dipped 0.2%, a day after its latest wild swings caused by extreme moves in the oil market. The Dow Jones Industrial Average fell 34 points, or 0.1%, and the Nasdaq composite edged higher by less than 0.1%.
Oil prices, meanwhile, remained sharply below their peaks hit on Monday. Such spikes have been rocking financial markets worldwide because of worries that the war could block the global flow of oil and natural gas for a long time.
The price for a barrel of Brent crude, the international standard, settled at $87.80. That’s down 11.3% from its settlement price the day before, but much of that drop happened on Monday before the U.S. stock market finished trading. That’s why it did not give much of a boost to U.S. stocks Tuesday.
Oil prices plunged Monday afternoon from a high of nearly $120 per barrel, its most expensive level since 2022, after President Donald Trump told CBS News he thinks “the war is very complete, pretty much.” That raised hopes that the war may end relatively soon, which could allow oil to flow freely again from the Middle East to customers around the world.