Dow Closes Lower as Trump Comments Cool Hopes for End to U.S.-Iran War
The Dow slipped on Thursday in volatile trading as oil prices surged after President Donald Trump said the war in Iran would continue for weeks, undercutting expectations for a near-term resolution.
The Dow Jones Industrial Average fell 60.89 points, or 0.13%. The S&P 500 edged up 0.11%, while the Nasdaq Composite gained 0.18%.
All three major indexes rebounded sharply from steep losses earlier in the session and briefly turned positive after Iranian state media reported that Tehran is working with Oman on a protocol to “monitor” ships passing through the Strait of Hormuz. At the session lows, the Dow was down more than 600 points, or 1.4%, while the S&P 500 and Nasdaq were down 1.5% and 2.2%, respectively.
“It’s pivotal for the United States that the Strait is reopened, not so much because of oil but because of helium,” said Todd Schoenberger, chief investment officer at CrossCheck Management. He noted helium is “more valuable than foreign oil” given its role in semiconductor processing and that “there is no substitute for it.”
“Expect more volatility going into the long weekend,” he added.
Source : Newsmaker.id
