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Economy / ECONOMY

Stocks Rise, Oil Falls After Bin Laden's Death

photo of Clifford Marks
May 2, 2011

The U.S. dollar and stock market futures rose, while Brent crude futures -- an oil price benchmark -- fell as much as 3.4 percent, following news late Sunday night that U.S. forces had killed Osama bin Laden, Bloomberg reports.


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Investors grew slightly less risk averse Monday as they appeared to interpret bin Laden's death as a boost to geopolitical stability. Futures for three major U.S. equity markets -- the Dow Jones Industrial Average, the Nasdaq, and the S&P 500 -- had all risen roughly half a percent in after-hours trading.

 

The news had ever-greater impact on oil prices, in light of the outsized impact instability in the Middle East has on the market. Oil futures marked their sharpest deline in weeks, according to Bloomberg.

The dollar initially bounced on the news after a stretch that saw the U.S. currency reach its lowest level since the middle of 2008, though those gains were erased later in the early morning.

Analysts speaking to Reuters cautioned that this sort of "euphoric bounce" is likely to be short-lived, particularly in light of the potential for reprisal attacks.

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