The stock market was less fearful, though, and flipped from modest morning losses following potentially encouraging news on interest rates, which have been dragging Wall Street mainly lower since the summer. The S&P 500 rose 0.6%. The Dow rose 197 points, and the Nasdaq composite added 0.4%. They perked higher after after two officials at the Federal Reserve suggested they may not need to raise interest rates again at their next meeting at the end of this month.
That gave stocks some oxygen and helped them erase modest losses from the morning. The S&P 500 had sagged by 0.6% in its first trading after Hamas launched a surprise attack against Israel, which then formally declared war. Oil prices had already been volatile leading into the weekend. A barrel of U.S. crude jumped from less than $70 during the summer to more than $90 last week, raising the pressure on inflation and the overall economy. It pulled back sharply last week before jumping again after the fighting began in Israel.
Major airlines have suspended flights to Israel as the U.S. State Department issued travel advisories for the region citing potential for terrorism and civil unrest. Wall Street hates higher interest rates because they knock down prices for stocks and other investments. They also make it more expensive for all kinds of companies and households to borrow money, which puts the brakes on the economy.
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