Dow Sinks Nearly 800 Points as Oil Surges, Economic Fears Grow
U.S. stocks resumed their decline on Thursday after a one-day pause, as worries about the Iran war flared again and U.S. crude climbed above $80 a barrel.
The Dow Jones Industrial Average fell about 785 points, or 1.6%. The S&P 500 slipped 0.6%, while the Nasdaq Composite edged down 0.3%. The selloff was led by stocks seen as most vulnerable to a global slowdown, including Boeing, Caterpillar, and other cyclical names.
Oil prices jumped after Iran said it struck an oil tanker with a missile. WTI crude futures moved above $80 per barrel in afternoon trading, hitting their highest level since January 2025, before settling up more than 8% around $81 a barrel. Global benchmark Brent settled roughly 5% higher, above $85 per barrel.
The surge in oil drove sharp intraday swings across markets. The 30-stock Dow dropped about 1,000 points almost as soon as WTI crossed the $80 threshold. At its low, the index was down more than 1,100 points (around 2.4%). The S&P 500 and Nasdaq also hovered near their session lows after trading slightly above flat earlier in the day; each was down around 1.4% at their intraday trough.
Source : Newsmaker.id
