Stock Market Update

[BRIEFING.COM] There hasn't been much up or down action in the major indices over recent trading. Many stocks remain near early lows.

The energy sector is a pocket of strength in an otherwise down day, trading 1.9% higher. Investors are responding to a sharp increase in oil prices after reports that the White House sees the possibility for an imminent and direct Iranian strike against Israel in retaliation for Israel eliminating Hezbollah's leadership. WTI crude oil futures traded below $67.00/bbl overnight, but trade at $70.35/bbl now. Brent crude oil futures sit at $73.65.bbl.

Uncertainty about the situation in the Middle East has also led to increased hedging for the possibility of further downside. The CBOE Volatility Index, which is euphemistically referred to as the "fear gauge," surged above 20.00 earlier, sitting at 19.12 now.