Stock market today: Wall Street rises as hopes for stronger profits collide with worries about war

abcnews.go.com:

U.S. stocks are ticking higher as they get pulled in opposite directions by competing waves of optimism and fear

NEW YORK — U.S. stocks are ticking higher as they get pulled in opposite directions by competing waves of optimism and fear. The S&P 500 was 0.5% higher shortly after the open of trading on Friday. The Dow Jones Industrial Average was up 200 points, and the Nasdaq composite was 0.2% higher. Several of the biggest U.S. banks said their profits during the summer were better than feared, which offered hope for an earnings reporting season that may deliver the first growth in a year. But worries about the latest war in Gaza at the same time sent oil prices jumping and Treasury yields falling.

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

World shares slipped and oil prices soared Friday on deepening concern over the Israel-Hamas war.

U.S. futures edged lower, auguring more losses after a retreat Thursday driven by rising bond yields.

Oil prices gained about $3 early Friday after Israel’s military ordered hundreds of thousands of civilians living in Gaza City to evacuate ahead of a possible ground offensive. The directive followed what the United Nations said was a warning from Israel to evacuate 1.1 million people living in northern Gaza within 24 hours.

Since their summertime leap and subsequent regression a couple weeks ago, crude oil prices have been jolted by the fighting in Gaza. The worry is the violence could lead to disruptions in the supply of petroleum.

A barrel of benchmark U.S. crude gained $2.97 to $85.88 per barrel in electronic trading on the New York Mercantile Exchange. It slipped 58 cents to settle at $82.91 on Thursday. Brent crude, the international standard, surged $2.98