Stocks close lower on fading hopes for quick Iran deal, mixed earnings
U.S. stocks fell on Thursday as hopes for a quick end to the Iran war dimmed, while investors grappled with mixed earnings reports. The Dow Jones Industrial Average fell 179.71 points, or 0.36%, to 49,310.32.
U.S. stocks fell in choppy trading on Thursday as hopes dimmed for a quick end to the Iran war. Iran's Parliament Speaker Mohammad Bagher Ghalibaf resigned from the negotiating team, and oil prices shot higher after reports of air attacks in Iran. The Dow Jones Industrial Average fell 179.71 points to 49,310.32, the S&P 500 lost 29.50 points to 7,108.40, and the Nasdaq Composite lost 219.06 points to 24,438.50. Markets had rallied in recent weeks on hopes of a resolution to the Iran war, but gains have been harder to come by this week. The S&P 500 tech index was the worst performing sector, down 1.47%, weighed down by drops in IBM and ServiceNow. Earnings season has been largely strong, with 82.1% of companies reporting beating analyst expectations.
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