CNBC Business News Update Market Close: Stocks Higher, Oil Ticking Higher, Sticker Shock As Gas Prices Hit Highest In More Than 2 Years 3/17/26
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Mar 17, 2026 Markets drift higher while energy names climb and several companies hit record highs. Crude jumps after a tanker strike near Hormuz and analysts flag key price levels to watch. Gasoline spikes to the highest in over two years, with concerns about consumer pain and inflationary pressure. Diesel and jet fuel highs are raising costs across industries as travel demand and fares shift.
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Markets Up Short Term But Still Down Year To Date
- U.S. major stock averages rose for a second day but remain negative year-to-date.
- The Dow gained 46 points led by IBM up 2.7%, the S&P added 16 and the Nasdaq rose about 0.5% despite NVDA slipping 0.7% on Tuesday.
Tanker Strike Sends Oil Higher
- Crude oil jumped from about $94 back toward $96 after a tanker strike near the Strait of Hormuz.
- Phil Stravel said traders will watch de-escalation signs, with key support levels at $90, $85, $75 and $67 pre-conflict.
Gas Spike Squeezes Consumer Spending
- Rapid gasoline price increases are hitting consumers' disposable income and reducing consumption.
- AAA reports gas up ~80 cents per gallon in 18 days, costing about $14 more to fill an 18-gallon SUV tank, and squeezing fixed-income households.