Explore the latest developments concerning Dow tumbles 550.
Dow tumbles 550 points as oil prices rise and investors fear Iran conflict could intensify again: Live updates
Stocks fell on Monday as the latest developments in the Middle East sent oil prices higher, sparking further worries about instability in the region.
The Dow Jones Industrial Average shed 557.37 points, or 1.13%, closing at 48,941.90. The S&P 500 slid 0.41% to end at 7,200.75, while the Nasdaq Composite lost 0.19% to settle at 25,067.80.
On Monday, the United Arab Emirates said it that had intercepted a number of missiles fired from Iran. That's the first time the UAE's missile alert system was activated since the U.S.-Iran ceasefire began last month.
Oil prices increased following the action. U.S. West Texas Intermediate crude futures rose 4.39% to settle at $106.42 per barrel, while international benchmark Brent crude futures were up 5.8% to end at $114.44.
Wall Street drops from its records and oil prices jump after fighting flares in the Middle East
NEW YORK — The U.S. stock market fell from its record heights Monday, while oil prices jumped following escalations in the Middle East that may undermine the ceasefire in the war with Iran.
The S&P 500 sank 0.4%, coming off its latest all-time high. The Dow Jones Industrial Average was down 561 points, or 1.1%, with an hour remaining in trading, and the Nasdaq composite was 0.2% lower.
The action was stronger in the oil market, where the price for a barrel of Brent crude leaped 5.8% to settle at $114.44. It jolted higher after the United Arab Emirates, a U.S. ally, said it came under attack by Iran for the first time since the ceasefire took hold in early April. The attacks appeared to be in response to U.S. President Donald Trump's latest efforts to reopen the Strait of Hormuz.
Deli 42mm Teflon Coated Pipe Cutter: High-Precision Cutting Tool with Sharp Blade, Durable Design, Ideal for PVC, PEX, PP
Stock market today: Dow, S&P 500, Nasdaq drop as Hormuz tensions increase
US stocks dropped on Monday as concerns about escalation in the Iran war eclipsed optimism stoked by strong quarterly earnings growth.
The Dow Jones Industrial Average (^DJI) dropped nearly 1.1%, while the S&P 500 (^GSPC) slipped 0.4%. The Nasdaq Composite (^IXIC) dropped 0.2% after Wall Street stocks posted a strong finish last week.
Markets slid into the red following reports that two Iranian strikes hit a US patrol boat and that a US warship was turned back in the Strait of Hormuz. The US denied the reports from Iranian media outlets. However, the UAE said an oil carrier belonging to the Abu Dhabi National Oil Company had been targeted and that the Fujairah petroleum export complex had both been struck by Iran.
For more detailed information, explore updates concerning Dow tumbles 550.
0 Comments