Israeli strikes spike oil, sink stocks
A surprise attack by Israel on Iranian nuclear targets spiked the price of oil, but pushed markets down on Friday. WTI soared 8% by the close, lifting a barrel of crude to US$73.80, while International Petroleum soared 9.04%, Athabasca Oil 7.42% and Halliburton 5.51%.
On Wall, Street, the S&P closed -1.13% for the day, the Nasdaq -1.3% and the Dow -1.79%. Friday’s slide prevented the indices from posting weekly gains, with the S&P -0.39% for that span, the Nasdaq -0.63% and the Dow -1.32%. Other major movers on Wall Street were Oracle jumping 7.69%, Intel down 3.03%, PG&E sinking 4.62% and Caesars Entertainment sliding 6.41%. The U.S. 10-year yield edged up to 4.409% while Bitcoin slipped US$760 to US$105,250.
The TSX managed a 0.28% gain for the week, despite declining 0.42% on Friday. Only three sectors were positive, though energy enjoyed outsized gains, while tech and discretionary led the laggards. Key names: Bausch Health 8.27%, Lightspeed -5.3% and Celestica -4.31%. The Israeli attack also lifted gold by US$47 to US$3,432.
🛢 International Petroleum Company (IPCO-T) +9.04%
🛢 Athabasca Oil Sands Corp (ATH-T) +7.42%
🛢Halliburton Co (HAL-N) +5.51%
💻 Oracle (ORCL-N) +7.69%
💾 Intel (INTC-Q) -3.03%
🧼 Procter & Gamble (PG-N) -4.62%
♠ Caesars Entertainment (CZR-Q) -6.41%
👨⚕️ Bausch Health Companies Inc. (BHC-T) +8.27%
💾 Lightspeed Commerce Inc (LSPD-T) -5.3%
🧬 Celestica Inc (CLS-T) -4.31%
