Bonds & Stocks
A renewed spike in oil prices stoked fears the war in Iran will further crimp energy supplies and fuel inflation, spurring a slide in stocks, which were also hit by signs of distress in the $1.8 trillion private credit market. The S&P 500 fell 0.8%. The yield on 10-year Treasuries advanced two basis points to 4.25%.
Economy
Applications for US unemployment benefits edged down last week, indicating layoffs remain contained. Initial claims decreased by 1,000 to 213,000 in the week ended March 7, according to Labor Department data released Thursday. The median forecast in a Bloomberg survey of economists called for 215,000.
World
Two oil tankers have been attacked in Iraqi waters, according to the country’s state oil marketer, prompting the nation’s oil terminals to suspend operations.