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Energy and utility stocks were some of the only areas of the market that rose on Friday.
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CNN
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U.S. stocks fell on Friday, but rebounded from the day's lows as Wall Street worried about escalating tensions in the Middle East and persistence of inflation.
The Dow Jones Industrial Average fell 407 points, or 1.1%. The S&P 500 fell 1.3% and the Nasdaq Composite fell 1.4%.
Following last week's Israeli attack on Damascus, the United States and Israel are on high alert for a possible attack by Iran or its proxies.
Oil prices soared on Friday on concerns about escalating tensions in the region caused by the war in Gaza. Brent crude oil futures, the international benchmark for crude oil, rose to $90.75 per barrel, the highest since October, before falling back. West Texas Intermediate crude oil futures, the US benchmark, rose to $86.10 per barrel.
The price of the most actively traded gold futures contract rose to about $2,394 per troy ounce. The yellow metal is considered an investment.
Concerns over geopolitical turmoil come as investors contend with concerns that sustained inflation could cause the Federal Reserve to cut interest rates more slowly than expected after the Fed pushed them to their highest level in 23 years. It's happening inside. Some Fed officials have even said that if the central bank's progress in combating inflation stalls, it is unlikely, but not zero, that it will raise rates.
CNN's Fear & Greed Index, which measures seven barometers of market sentiment, was at a “neutral” reading, a retreat from the previous close's “greedy” reading.
JPMorgan Chase & Co. CEO Jamie Dimon told investors on Friday that while strong economic data provides reassurance, geopolitical turmoil and persistent inflation are the main concerns. I warned you. He also cited the war between Russia and Ukraine as a continuing concern.
“If oil and gas prices get too high, they could be decisive in what happens to the global economy,” Dimon told reporters after the bank's first-quarter results released Friday morning. “There is,” he said.
JPMorgan Chase stock fell 5.4% on Friday.
Elsewhere, new data showed Americans' attitudes toward the economy have softened over the past few months as inflation remains stubborn. The latest consumer survey from the University of Michigan showed consumer sentiment remained mostly stable in April, according to a preliminary study released Friday.
This story is in development and will be updated.