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US stocks climbed afterthe US struckIran in a major escalation of the war, setting up for a rebound from themarket's latest sell-offas investors weighed the latest moves in the conflict.
The Dow Jones Industrial Average (^DJI) rose 0.4%, and the benchmark S&P 500 (^GSPC) moved up by 0.2%, while the Nasdaq Composite (^IXIC) climbed 0.2%.
The US's latest round of strikes against Iran ended swiftly, leading investors to hope once again that the conflict would soon be resolved, and oil (CL=F,BZ=F) prices had ticked lower after whipsawing higher Wednesday night.
Some of those losses were reversed, however, on Thursday morning, after President Trump said the US would bestriking Iran again Thursday night, seizing control of Kharg Island, and taking "total control" of the country's energy sector, raising anxieties of a potential ground invasion.
In corporate news, Oracle (ORCL)reported earnings resultsthat beat expectations, but the company's stock sank on disappointing cloud sales.
On the economic data front, wholesale inflation for Maycame in higher than expected, the Bureau of Labor Statistics reported Thursday, right on the heels ofMay's consumer prices inflation report.
Producer prices rose 1.1% in May over the previous month and 6.5% over the previous year.
Initial jobless claims for the week ended June 6 rose to 229,000, outpacing expectations of 220,000 claims.
Continuing claims also rose to 1.795 million.
The main event of the week lands on Friday, with the expected market debut of Elon Musk's SpaceX (SPCX), which is positioned to be the biggest IPO in history.
Intel (INTC) stock rose as much as 10% on Thursday, helping lift the broader iShares Semiconductor ETF (SOXX) by 4%.
Shares got a boost after Bank of America analyst Vivek Aryaupgraded sharesfrom Underperform to Buy and raised his price target to $135 from $96.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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