Stocks fall on Wall Street as US oil price briefly hits $130
NEW YORK — (AP) — Stocks are falling in early trading on Wall Street, as more gains for oil prices threaten to worsen the world's already high inflation.
The S&P 500 was 0.9% lower after a barrel of U.S. oil leaped as high as $130 overnight on the possibility the U.S. could bar imports from Russia.
Stocks around the world slid even more sharply earlier in the day, but they trimmed their losses as oil receded back toward $117 per barrel.
Stocks in Paris were close to flat after having plunged as much as 5% in the morning.
The Dow Jones Industrial Average was down 301 points, or 0.9%, at 33,313, as of 10:07 a.m. Eastern time, and the Nasdaq composite was 1% lower.
Gold and a measure of nervousness on Wall Street were also higher, but not by as much as they had been when oil prices were at their peak.