Dow Falls 800 Points as Oil Prices Rebound
US stocks fell on Thursday (March 5) as traders began to scale back their aggressiveness after the previous session's strong gains, while monitoring the resurgent oil prices.
The Dow Jones Industrial Average plunged 801 points, or 1.6%, pressured by declines in stocks like Caterpillar and Goldman Sachs. The S&P 500 fell 0.9%, while the Nasdaq Composite fell 0.6%.
In energy markets, US crude oil prices surged to their highest level since June 2025 after Iran claimed to have hit an oil tanker with a missile. WTI futures surged about 6% and traded above $79 per barrel. Meanwhile, the global benchmark Brent rose about 3% to above $84 per barrel. Both had stabilized in the previous trading session before rebounding sharply.
For context, the stock market briefly rallied on Wednesday, driven by a rally in technology stocks and semiconductor giants. The Dow also ended its three-day losing streak, while the S&P 500 and Nasdaq closed the session with solid gains.
Source: Newsmaker.id