FILE - A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, on Sept. 20, 2023. Share prices were mixed on Monday, Oct. 9, after the Israeli government declared war following deadly attacks by Hamas from the Gaza Strip. Conflict in the Middle East often raises the specter of higher oil prices given the risk of disruptions to supplies.
Oil prices had eased back from highs of the mid $90 range last month in recent days, falling sharply last week. Early Monday, U.S. benchmark crude oil was up $3.14 at $85.93 per barrel in electronic trading on the New York Mercantile Exchange. It picked up 48 cents on Friday. The shekel fell to a near eight-year low against the U.S. dollar in early trading Monday of about 3.9 shekels per dollar.The Hang Seng in Hong Kong rose 0.6% to 17,589.28 after its market reopened for afternoon trading. It was closed in the morning due to typhoon warnings.
Wall Street hates high interest rates because they knock down prices for all kinds of investments. And even though the job market hasn't faltered yet despite the Fed pulling its main interest rate to the highest level since 2001, high rates work to extinguish high inflation by slowing the entire economy. That raises the risk of a recession down the road.
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