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US markets see biggest slump since start of US-Israel war on Iran | Stock markets
Dow closed 450 points down and S&P dipped 1.7% while Nasdaq fell 2.3% into correction territory
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US markets saw their biggest slump since the start of the US-Israel war with Iran on Thursday as Donald Trump said the conflict’s impact on oil prices had not been as bad as he expected.
The Dow closed 450 points down, while the S&P 500 dipped 1.7%. The tech-heavy Nasdaq fell 2.3%, plunging into correction territory, which happens when an index falls at least 10% below its most recent peak.
Oil prices have surged since the start of the conflict, reaching levels not seen since Russia’s invasion of Ukraine pushed up global oil prices in 2022 and 2023. At the end of day on Thursday, Brent crude oil, the global benchmark, was about $107 a barrel while US crude hit $93 a barrel. Average US gas prices at the pump reached $3.98 a gallon, according to AAA.
US stocks fall on prospect of prolonged Middle East war
The Nasdaq Composite fell more than 1 per cent in morning trade in New York, keeping the tech-heavy index in correction territory – more than 10 per cent from its late October high.
Markets are “moving from the ‘inflation concern’ phase of the crisis into recession concern phase”, 3Fourteen Research’s Warren Pies said on X.
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Stocks, bonds and gold all fall in market slide
The war in Iran and the spike in energy prices have rattled global markets, impacting not just stocks but also safe havens like bonds, gold and currencies. That’s leaving investors with fewer places to hide.
The Dow, S&P 500 and Nasdaq are each set for their worst month in a year. When stocks hit a rough patch, or economic uncertainty abounds, safe haven assets like gold or government bonds can provide investors with some protection. But they’ve both dropped alongside stocks this month, serving little value as a hedge against the turmoil.
US stocks closed lower Thursday: The Dow fell 469 points, or 1.01%. The S&P 500 fell 1.74% and had its worst day in two months. The Nasdaq sank 2.38% and closed in correction, down more than 10% from its peak in late October.
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