Category: Business

(NEW YORK) — Stocks closed significantly higher on Wednesday, just hours after the U.S. and Iran announced a two-week ceasefire.

The Dow Jones Industrial average surged 1,325 points, or 2.8%, while the S&P 500 climbed 2.5%. The tech-heavy Nasdaq jumped 2.8%.

As part of the accord, Iran says it will allow tankers passage through the Strait of Hormuz, a vital shipping route for oil and gas, as long as they coordinate with the nation’s military.

Investors appeared optimistic that the agreement would ease one of the worst global oil shortages in decades, though the resumption of tanker traffic in the strait remained uncertain.

U.S. oil prices plummeted nearly 15% on Wednesday, registering at about $96 a barrel. Still, the price of oil remained well above pre-war levels of about $67 a barrel.

President Donald Trump touted the ceasefire in a social media post on Wednesday, saying there would be “no enrichment of Uranium,” despite the Iranians claiming that the U.S. agreed to its plan, which includes numerous concessions.

The president added that “the United States will, working with Iran, dig up and remove all of the deeply buried (B-2 Bombers) Nuclear ‘Dust.'”

The Iranian Supreme National Security Council’s statement on Tuesday included “acceptance of enrichment” in its 10-point plan.

Investors will likely pay close attention to a potential uptick in tanker traffic through the Strait of Hormuz.

Following Israeli attacks on Lebanon on Wednesday, oil tankers are suspended from passing through the strait, Iran’s semi-official Fars News Agency reported.

Typically, scores of ships carry a fifth of the world’s oil through the strait each day, but Iran effectively closed the passage over the course of the war. That oil shortage sent crude prices soaring, and it threatened far-reaching price increases that some economists feared could tip the U.S. economy into a recession.

ABC News’ David Brennan, Jon Haworth and Nadine El-Bawab contributed to this report.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — Stocks soared and oil prices plunged in early trading on Wednesday, just hours after the U.S. and Iran announced a two-week ceasefire.

The Dow Jones Industrial average surged 1,215 points, or 2.6%, while the S&P 500 climbed 2.5%. The tech-heavy Nasdaq jumped 3.4%.

As part of the accord, Iran says it will allow tankers passage through the Strait of Hormuz, a vital shipping route for oil and gas, as long as they coordinate with the nation’s military. Investors appeared optimistic that the agreement would ease one of the worst global oil shortages in decades.

U.S. oil prices plummeted 18% on Wednesday, registering at about $92 a barrel. Still, the price of oil remained well above pre-war levels of about $67 a barrel.

President Donald Trump touted the ceasefire in a social media post on Wednesday, saying there would be “no enrichment of Uranium,” despite the Iranians claiming that the U.S. agreed to its plan, which includes numerous concessions.

The president added that “the United States will, working with Iran, dig up and remove all of the deeply buried (B-2 Bombers) Nuclear ‘Dust.'”

The Iranian Supreme National Security Council’s statement on Tuesday included “acceptance of enrichment” in its 10-point plan.

Investors will likely pay close attention to a potential uptick in tanker traffic through the Strait of Hormuz.

Typically, scores of ships carry a fifth of the world’s oil through the strait each day, but Iran effectively closed the passage over the course of the war. That oil shortage sent crude prices soaring, and it threatened far-reaching price increases that some economists feared could tip the U.S. economy into a recession.

ABC News’ David Brennan, Jon Haworth and Nadine El-Bawab contributed to this report.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — The U.S. recorded strong job gains in March, rebounding from dismal losses a month earlier, a jobs report on Friday showed. The reading far exceeded economists’ expectations.

The U.S. added 178,000 jobs in March, according to the report, which marked a sharp increase from 133,000 jobs lost in the previous month.

The unemployment rate ticked down to 4.3% in March from 4.4% in February, the Bureau of Labor Statistics (BLS) said. Unemployment remains low by historical standards.

The BLS collected survey data through the second week of March, before the full effects of the oil shock set off by the Iran war.

As in previous months, the health care sector stood out as a top source of hiring in March, adding 76,000 jobs, the BLS said. The construction sector, as well as transportation and logistics, also contributed to the surge in hiring.

Employment in the federal government continued to decline in March, shedding 18,000 jobs, the BLS said. The federal government has lost 355,000 jobs, or nearly 12% of its workforce, since October 2024, a month before President Donald Trump was elected.

The government report arrived as the war continues to drive up gasoline prices and borrowing costs, threatening a drag on the economy.

The U.S. added an average of about 15,000 jobs per month in 2025, U.S. Bureau of Labor Statistics (BLS) data showed. That performance amounted to a sharp slowdown from 186,000 jobs added each month in 2024.

The U.S.-Israeli war on Iran, which began on Feb. 28, triggered one of the worst global oil shocks in decades, prompting gloomy forecasts on Wall Street of a potential U.S. recession over the coming months.

In theory, a prolonged oil shortage could drive up prices for a vast array of goods, sapping energy from consumer spending, which powers most of the nation’s economic growth.

Iran has mounted an effective closure of the Strait of Hormuz, a critical maritime trading route that facilitates the transport of about one-fifth of the global oil supply.

The U.S. is a net exporter of petroleum, meaning the country produces more oil than it consumes. But since oil prices are set on a global market, U.S. prices move in response to swings in worldwide supply and demand.

The disruption in oil shipping has pushed U.S. crude prices above $110 a barrel, which marks a staggering rise of more than 50% since the war began on Feb. 28.

Gasoline prices in the U.S. ticked up to $4.08 on average per gallon as of Wednesday, marking a leap of $1.09 over the past month, AAA data showed.

A potential jump in costs for additional goods delivered through the Strait of Hormuz — such as fertilizer and diesel fuel — could also raise prices beyond gasoline, putting pressure on the Federal Reserve to hike interest rates in an effort to quell possible inflation.

The benchmark interest rate stands at a level between 3.5% and 3.75%. That figure marks a significant drop from a recent peak attained in 2023, but borrowing costs remain well above a 0% rate established at the outset of the COVID-19 pandemic.

If the Fed moved to raise interest rates, it would hike borrowing costs for many consumer and business loans, risking a slowdown in hiring.

Speaking at Harvard University on Monday, Fed Chair Jerome Powell said the central bank could take a patient approach as it monitors potential price effects from the Middle East conflict.

“We feel like our policy is in a good place for us to wait and see how that turns out,” Powell said.

Editor’s note: This story has been updated to reflect the time period covered by the BLS survey.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — The U.S. recorded strong job gains in March, rebounding from dismal losses a month earlier, even as the nation weathered a global oil shock set off by the U.S.-Israeli war on Iran, a jobs report on Friday showed. The reading far exceeded economists’ expectations.

The U.S. added 178,000 jobs in March, according to the report, which marked a sharp increase from 133,000 jobs lost in the previous month.

The unemployment rate ticked down to 4.3% in March from 4.4% in February, the Bureau of Labor Statistics (BLS) said. Unemployment remains low by historical standards.

As in previous months, the health care sector stood out as a top source of hiring in March, adding 76,000 jobs, the BLS said. The construction sector, as well as transportation and logistics, also contributed to the surge in hiring.

Employment in the federal government continued to decline in March, shedding 18,000 jobs, the BLS said. The federal government has lost 355,000 jobs, or nearly 12% of its workforce, since October 2024, a month before President Donald Trump took office.

The government data arrived as the war continues to drive up gasoline prices and borrowing costs, threatening a drag on the economy.

The U.S. added an average of about 15,000 jobs per month in 2025, U.S. Bureau of Labor Statistics (BLS) data showed. That performance amounted to a sharp slowdown from 186,000 jobs added each month in 2024.

The U.S.-Israeli war on Iran, which began on Feb. 28, triggered one of the worst global oil shocks in decades, prompting gloomy forecasts on Wall Street of a potential U.S. recession over the coming months.

In theory, a prolonged oil shortage could drive up prices for a vast array of goods, sapping energy from consumer spending, which powers most of the nation’s economic growth.

Iran has mounted an effective closure of the Strait of Hormuz, a critical maritime trading route that facilitates the transport of about one-fifth of the global oil supply.

The U.S. is a net exporter of petroleum, meaning the country produces more oil than it consumes. But since oil prices are set on a global market, U.S. prices move in response to swings in worldwide supply and demand.

The disruption in oil shipping has pushed U.S. crude prices above $110 a barrel, which marks a staggering rise of more than 50% since the war began on Feb. 28.

Gasoline prices in the U.S. ticked up to $4.08 on average per gallon as of Wednesday, marking a leap of $1.09 over the past month, AAA data showed.

A potential jump in costs for additional goods delivered through the Strait of Hormuz — such as fertilizer and diesel fuel — could also raise prices beyond gasoline, putting pressure on the Federal Reserve to hike interest rates in an effort to quell possible inflation.

The benchmark interest rate stands at a level between 3.5% and 3.75%. That figure marks a significant drop from a recent peak attained in 2023, but borrowing costs remain well above a 0% rate established at the outset of the COVID-19 pandemic.

If the Fed moved to raise interest rates, it would hike borrowing costs for many consumer and business loans, risking a slowdown in hiring.

Speaking at Harvard University on Monday, Fed Chair Jerome Powell said the central bank could take a patient approach as it monitors potential price effects from the Middle East conflict.

“We feel like our policy is in a good place for us to wait and see how that turns out,” Powell said.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — Stocks closed mixed in volatile trading on Thursday after President Donald Trump delivered a televised address vowing to hit Iran “extremely hard” over the coming weeks.

The Dow Jones Industrial Average closed down 60 points, or 0.1%, after opening down by 600 points, while the S&P 500 ticked up 0.1. The tech-heavy Nasdaq increased 0.1%.

Each of the major indexes tumbled more than 1% in early trading, but they quickly recovered most or all of those losses.

The rollercoaster trading followed losses across Asian and European markets. Tokyo’s Nikkei 225 index slipped 2.3% and the pan-European STOXX 600 fell 0.6%.

Oil prices, meanwhile, surged as traders feared a persistent supply shortage amid the ongoing U.S.-Israeli war with Iran. U.S. oil prices climbed more than 10% on Thursday, registering about $111 a barrel.

Gasoline prices in the U.S. ticked up to $4.08 on average per gallon, marking a leap of $1.09 over the past month, AAA data showed.

Speaking at the White House on Wednesday, Trump voiced mixed messages about his plans for the Middle East conflict. He said Iran is no longer a threat to the U.S. and the war in Iran is “nearing completion.” However, he added, the U.S. plans to continue striking Iran over the next two or three weeks.

“We’re going to bring them back to the stone ages where they belong,” Trump said.

The trading volatility on Thursday interrupted an upswing for markets earlier in the week. On Tuesday, the Dow Jones Industrial Average soared more than 1,100 points, adding another 220 points on Wednesday as traders anticipated Trump may signal an off-ramp from the war in his evening remarks.

Since the war with Iran began on Feb. 28, Trump has issued conflicting signals about the expected duration of the war. On several occasions, stocks have climbed or fallen as markets weighed the implications of Trump’s comments.

The war prompted Iran’s effective closure of the Strait of Hormuz, a maritime trading route that facilitates the transport of about one-fifth of the global oil supply.

The vast majority of fuel delivered through the strait is bound for Asia, placing the heaviest pressure on energy supply in that continent. Since oil and gas are sold on a global market, however, the shortage has sent prices rising for just about everyone.

On Wednesday night, Trump urged other countries to take responsibility for reopening the strait.

“The countries of the world that do receive oil through the Hormuz Straight must take care of that passage,” Trump said. “We will be helpful, but they should take the lead in protecting the oil that they so desperately depend on.”

A potential U.S. exit from the war without ensuring that the strait is open could cast uncertainty over the path to a resumption of normal tanker traffic and a remedy for the current global oil shortage.

Copyright © 2026, ABC Audio. All rights reserved.

(WASHINGTON) — President Donald Trump on Thursday slapped 100% tariffs on some pharmaceutical products, ramping up his effort to boost U.S. drug manufacturing.

The move, in the form of an executive order, targets patented drugs that lack a “most favored nations” pricing agreement with the U.S. Under such agreements, companies ensure the U.S. will pay the same amount that other wealthy countries pay for similar medications.

Companies face a reduced levy if they agree to bring production to the U.S. or enter into pricing deals with the administration, the executive order says. 

If companies commit to bring their manufacturing to America, then the tariff on their products will drop to 20%, the order notes.

In the event such companies also enter into a most-favored-nation agreement with the Department of Health and Human Services, then they can avert tariffs entirely while in the process of building a U.S.-based plant, according to the executive order.

Large companies, the executive order says, will receive a 120-day phase-in period before the tariffs take effect.

The fresh round of tariffs will exclude drugs made in some countries that previously entered into trade agreements with the U.S., including Switzerland, Japan, South Korea and the 27-member European Union, according to the order.

Pharmaceutical products from those countries will face a 15% tariff based on the terms of trade agreements reached with the U.S, the order notes.

This is a developing story. Please check back for updates.

ABC News’ Mary Kekatos contributed to this report.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — Stocks ticked lower in volatile trading on Thursday after President Donald Trump delivered a televised address vowing to hit Iran “extremely hard” over the coming weeks.

The Dow Jones Industrial Average fell 75 points, or 0.1%, after opening down by 600 points, while the S&P 500 dropped 0.06%. The tech-heavy Nasdaq declined 0.1%.

Each of the major indexes tumbled more than 1% in early trading, but they quickly recovered most of those losses.

The rollercoaster trading followed losses across Asian and European markets. Tokyo’s Nikkei 225 index slipped 2.3% and the pan-European STOXX 600 fell 0.6%.

Oil prices, meanwhile, surged as traders feared a persistent supply shortage amid the ongoing U.S.-Israeli war with Iran. U.S. oil prices climbed more than 10% on Thursday, registering about $111 a barrel.

Gasoline prices in the U.S. ticked up to $4.08 on average per gallon, marking a leap of $1.09 over the past month, AAA data showed.

Speaking at the White House on Wednesday, Trump voiced mixed messages about his plans for the Middle East conflict. He said Iran is no longer a threat to the U.S. and the war in Iran is “nearing completion.” However, he added, the U.S. plans to continue striking Iran over the next two or three weeks.

“We’re going to bring them back to the stone ages where they belong,” Trump said.

The trading volatility on Thursday interrupted an upswing for markets earlier in the week. On Tuesday, the Dow Jones Industrial Average soared more than 1,100 points, adding another 220 points on Wednesday as traders anticipated Trump may signal an off-ramp from the war in his evening remarks.

Since the war with Iran began on Feb. 28, Trump has issued conflicting signals about the expected duration of the war. On several occasions, stocks have climbed or fallen as markets weighed the implications of Trump’s comments.

The war prompted Iran’s effective closure of the Strait of Hormuz, a maritime trading route that facilitates the transport of about one-fifth of the global oil supply.

The vast majority of fuel delivered through the strait is bound for Asia, placing the heaviest pressure on energy supply in that continent. Since oil and gas are sold on a global market, however, the shortage has sent prices rising for just about everyone.

On Wednesday night, Trump urged other countries to take responsibility for reopening the strait.

“The countries of the world that do receive oil through the Hormuz Straight must take care of that passage,” Trump said. “We will be helpful, but they should take the lead in protecting the oil that they so desperately depend on.”

A potential U.S. exit from the war without ensuring that the strait is open could cast uncertainty over the path to a resumption of normal tanker traffic and a remedy for the current global oil shortage.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — Stocks tumbled worldwide on Thursday after President Donald Trump delivered a televised address vowing to hit Iran “extremely hard” over the coming weeks.

The Dow Jones Industrial Average fell 600 points, or 1.3%, while the S&P 500 dropped 1.2%. The tech-heavy Nasdaq declined 1.6%.

The selloff followed losses across Asian and European markets. Tokyo’s Nikkei 225 index slipped 2.3% and the pan-European STOXX 600 fell 1.3%.

Oil prices, meanwhile, surged as traders feared a persistent supply shortage amid the ongoing U.S.-Israeli war with Iran. U.S. oil prices climbed more than 10% on Thursday, registering at $112 a barrel.

Gasoline prices in the U.S. ticked up to $4.08 on average per gallon, marking a leap of $1.09 over the past month, AAA data showed.

This is a developing story. Please check back for updates.

Copyright © 2026, ABC Audio. All rights reserved.