S&P 500 Gains 2% in Q3 as Energy Jumps 16.5% on US-Iran Conflict
Updated
Updated · The New York Times · Sep 30
S&P 500 Gains 2% in Q3 as Energy Jumps 16.5% on US-Iran Conflict
3 articles · Updated · The New York Times · Sep 30
Summary
The S&P 500 finished the third quarter up 2%, extending record highs even as renewed US-Iran fighting lifted oil prices and rattled parts of the market.
Energy led with a 16.5% surge as higher oil and gas prices boosted profit expectations for major producers and refiners; Marathon Petroleum, Phillips 66 and Valero each climbed about 50%.
Beneath the headline gain, 311 S&P 500 stocks fell in the quarter, with utilities and real estate among the weakest as higher bond yields raised borrowing-cost pressure.
Tech still helped carry the index, rising 7%, but strategists said the sector showed signs of caution because share-price gains lagged profit growth, raising the risk of more year-end volatility.