Markets stabilize after being roiled by Iran missile attack

NEW YORK (AP) — Markets are stabilizing in early trading on Wall Street after being roiled overnight following an Iranian missile attack on U.S. bases in Iraq. The strike was in retaliation for the killing of an Iranian general last week. Stocks opened mostly higher and oil prices retreated after spiking overnight on the latest escalation of tensions between the U.S and Iran. The S&P 500 rose 7 points, or 0.2%, to 3,241. The Dow Jones Industrial Average rose 7 points, or 0.1%, to 28,590. The Nasdaq added 22 points, or 0.2%, to 9,090. The yield on the 10-year Treasury held steady at 1.82%.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

Oil prices rose and global stock markets fell Wednesday after Iran fired missiles at U.S. bases in Iraq in retaliation for the killing of an Iranian general.

Brent crude futures, the benchmark for international oils, spiked more than $3 per barrel in London before retreating.

Stock markets in London and Frankfurt opened lower and Tokyo's benchmark fell nearly 2% before recovering some of its losses. Hong Kong and Shanghai also retreated.

“Investors appear to be pricing for an all-out war,” said Jingyi Pan of IG in a report.

The Pentagon said Iran fired more than a dozen missiles at bases in Iraq used by U.S. troops. President Donald Trump tweeted “All is well!” and that casualty and damage assessments were ongoing, adding “So far, so good!”

Iran's foreign minister described the missile firings as “proportionate measures in self-defense.”

Financial markets have been on edge about possible U.S.-Iranian conflict and disruption of oil supplies since last week's killing of Gen. Qassem Soleimani by a U.S. drone in Baghdad.

Brent crude was up 78 cents at $69.05. At the start of trading, it spiked...