Oil surges on tanker attacks; stocks rise on Fed rate cut expectations
Oil futures rose on Thursday after attacks on two tankers off the coast of Iran, while the U.S. Treasury yield curve steepened and stocks rose following economic data seen as strengthening the case for the Federal Reserve to cut interest rates this year. Other data showed import prices fell by the most in five months in May in the latest indication of muted inflation pressures, adding to expectations the Fed will cut rates this year. The S&P pared gains slightly after U.S. Secretary of State Mike Pompeo said, without offering concrete evidence, the United States believed Iran was responsible for tanker attacks in the Gulf of Oman.
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