Wall Street has its worst day since the war with Iran started and crude oil prices rise
US stocks had their worst day since the war with Iran started, with the S&P 500 falling 1.7% and the Dow Jones Industrial Average dropping 1%. The rise in oil prices and continued fighting in the region have heightened worries about high inflation and slowed the economy.
US stocks fell sharply on Thursday, with the S&P 500 down 1.7% and the Dow Jones Industrial Average dropping 1%. The Nasdaq composite sank 2.4%. Oil prices rose more than 4%, with Brent crude oil climbing to $101.89 per barrel. The rise in oil prices has worsened worries about high inflation and sent Treasury yields higher. The yield on the 10-year Treasury climbed to 4.41%. Tech stocks were among the biggest losers, with Meta Platforms falling 8.1% and Alphabet sinking 3.3%. The continued fighting in the region and Iran's rejection of a US ceasefire proposal have heightened tensions and slowed the economy.
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