CNBC Business News Update Market Close: Stocks Higher, Oil Prices Lower, Airline CEO Ask Lawmakers To Fund DHS So TSA Workers Can Get Paid 3/16/26
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Mar 16, 2026 Markets rally as stocks climb while oil prices ease, with big movers like NVIDIA and Salesforce in focus. U.S. naval escorts through the Strait of Hormuz and supply concerns for Asia get attention. Rising gas prices and their effect on consumer fill-ups are discussed. Airline leaders urge lawmakers to fund DHS after TSA pay issues disrupted travel.
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Markets Rally On Tech Strength And Early Week Momentum
- Wall Street opened higher after a winning start to the week with major indices up: Dow +0.8%, S&P +1%, Nasdaq +1.25%.
- Tech-led strength included Salesforce up 2.8% and NVIDIA rising ~1.5% as markets digested Monday gains.
U.S. Moves Ships Through Strait Of Hormuz Eases Oil Fears
- Oil prices pulled back after the U.S. allowed some ships, including Iranian vessels, to transit the Strait of Hormuz to supply Asian buyers.
- Treasury Secretary Scott [Besant] said ships are moving through, easing the worst-case supply disruption fears and easing oil markets.
Gas Prices Up Nearly A Dollar Since Conflict Began
- Rising pump prices reflect geopolitical shocks: AAA reports national average regular at $3.72, about 80 cents higher since the first U.S.-Iran attack.
- For an 18–20 gallon SUV tank, that equals roughly $14 more per fill-up.