Dow tumbles 400 points, oil spikes 5% as Iran tensions stoke fear on Wall Street
The Dow Jones Industrial Average fell 542 points as tensions escalated in the Middle East, with oil prices surging 5.7% to $114.28 due to Iran's closure of the Strait of Hormuz. The US stock market had previously reached record heights despite uncertainty about the war with Iran.
The US stock market pulled back from its record heights on Monday, with the Dow Jones Industrial Average down 542 points, or 1.1%, in midday trading. Oil prices jumped 5.7% to $114.28 due to Iran's closure of the Strait of Hormuz. President Donald Trump said the US would guide ships through the strait, but prices climbed after Iranian news agencies claimed Iran had struck a US Navy vessel. The US military rejected the claim, and two American-flagged merchant ships successfully transited through the Strait of Hormuz. Tyson Foods and Norwegian Cruise Line Holdings reported better-than-expected profits, but GameStop slumped after announcing a bid to buy eBay.
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