Oil surges to its highest price since 2023, and stocks drop after data shows a weaker US job market
NEW YORK (AP) — Oil prices touched their highest levels since 2023 after surging again Friday because of the Iran war, while a weak update on the U.S. job market highlighted the economy's precarious position. The two trends raised the risk of a worst-case scenario for financial markets, and stocks fell as they neared the finish of a punishing week.
The S&P 500 dropped 1.1% after a report showed U.S. employers cut more jobs last month than they created and after oil prices spiked above $90 per barrel. It’s a combination that investors hate because no one in the world has a good tool to fix both a weak economy and high inflation at the same time.
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