S&P 500 Slips in Volatile Trading as Oil Prices Rally

A volatile Thursday for the stock market continued after oil prices kicked it back into rally mode. The Nasdaq Composite, which also briefly turned positive, was down 0.4%. The latest pullback occurred as WTI crude oil futures rose 11% to $111.55 after briefly pulling back from their highs in the wake of a report from IRNA that quoted Iran’s Deputy Foreign Minister Kazem Gharibabadi discussing a protocol to monitor the Strait of Hormuz.