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Are US Equity Indexes Reacting to High Oil Prices?

Are US Equity Indexes Reacting to High Oil Prices?

Between May 10 and May 17, US equity indexes’ correlations with US crude oil June futures were as follows: Dow Jones Industrial Average Index (DIA): -50.9% S&P 500 Index (SPY): -38.2% S&P Mid-Cap 400 Index (IVOO): -11.1%