Bonds & Stocks
The war in the Middle East sparked fresh losses across stocks and bonds amid concern about the spillover effects of elevated energy costs to inflation and economic growth, with hostilities showing no signs of easing. The S&P 500 fell 0.3%. The yield on 10-year Treasuries advanced seven basis points to 4.32%.
Economy
Mortgage rates rose for a third week, reaching a three-month high as wartime inflation fears drove up yields for the government bonds that guide home loans. The average for 30-year, fixed loans climbed to 6.22%, the highest since Dec. 11 and up from 6.11% last week, data from Freddie Mac showed Thursday.
World
Iran pressed ahead with attacks on Gulf Arab states even after Israel signaled it would stop targeting the Islamic Republic’s energy infrastructure, further unsettling oil and financial markets.