Stock market today: Wall Street drops following profit reports, and oil prices jump on war worries

The S&P 500 fell 1.3%. The Dow Jones Industrial Average lost 332 points, and the Nasdaq composite fell 1.6%. Crude oil prices jumped following a deadly explosion at a hospital in the Gaza Strip. Gold kept rising as investors looked for safer investments. The 10-year Treasury yield climbed to touch its highest level since 2007.NEW YORK — Wall Street dropped Wednesday after big U.S.

On Wall Street, United Airlines slumped 9.4% after it showed how big a hit to profits it may take because of surging fuel prices and the suspension of flights to Tel Aviv. It gave a profit forecast for the last three months of the year that fell well short of analysts’ expectations. On the winning side of Wall Street was Procter & Gamble, the giant behind such brands as Charmin, Febreze and Oral-B. It rose 2.6% after reporting stronger profit than expected for the latest quarter. Its revenue rose after it increased prices for its products.

Such growth in profits are essential for the stock market to keep rising, particularly when the other big factor that drives stock prices is pushing the other way. Yields have climbed as the U.S. economy has remained remarkably resilient, even after the Federal Reserve raised its main interest rate to the highest level since 2001. That strength has a large group of investors believing the Fed may pull off the balancing act of slowing the economy through high rates just enough to smother high inflation but not so much as to cause a painful recession.

In the oil market, a barrel of U.S. crude approached $90 early in the morning before paring its gain. It climbed $1.66 to settle at $88.32 per barrel. Brent crude, the international standard, rose $1.60 to $91.50 after earlier nearing $93 per barrel.

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