NEW YORK, March 30 (Xinhua) -- U.S. stocks ended mixed on Monday due to a historic surge in global oil prices and elevated market volatility.
The Dow Jones Industrial Average rose 0.11 percent to 45,216.14. The S&P 500 sank 0.39 percent to 6,343.72. The Nasdaq Composite Index shed 0.73 percent to 20,794.64.
Eight of the 11 primary S&P 500 sectors ended in the green. The financials and utilities sectors led the gainers, adding 1.1 percent and 0.66 percent, respectively. Meanwhile, the industrials and technology sectors led the laggards, declining 1.61 percent and 1.49 percent.
Oil prices experienced significant upward pressure after remarks from U.S. President Donald Trump in a media interview, where he indicated a preference for the United States to control Iran's oil industry "indefinitely." Consequently, international benchmark Brent crude for May delivery closed above 112 U.S. dollars per barrel, while U.S. West Texas Intermediate crude for May delivery settled above 100 dollars for the first time since July 2022.
Reflecting the heightened market anxiety, the Cboe Volatility Index, often called Wall Street's fear gauge, traded above the 30-point threshold during the session.
Federal Reserve Chair Jerome Powell attempted to soothe economic concerns on Monday, stating that inflation expectations remain "well anchored beyond the short term" despite the severe energy shock. While acknowledging that policymakers may eventually need to address the situation, Powell stressed that the central bank is not yet facing that decision due to ongoing uncertainty regarding the ultimate economic effects.
Following his remarks, the yield on the benchmark 10-year U.S. Treasury note slipped 0.09 points to 4.35 percent.
The Dow, Nasdaq and S&P 500 are all coming off their fifth consecutive weekly declines, with energy-driven economic fears recently pushing both the Dow and Nasdaq into correction territory. The "Magnificent Seven" mega-cap equities finished mixed after universally closing lower on Friday, with Meta Platforms leading the group's advances by rising approximately 2 percent.
Looking ahead, investors are turning their attention to a critical slate of labor market indicators due this week to gauge the economy's resilience. The data docket includes the Job Openings and Labor Turnover Survey, the ADP private payrolls report, and the highly anticipated official March jobs report, which will be released on the Good Friday holiday.
