Dow closed 450 points down and S&P dipped 1.7% while Nasdaq fell 2.3% into correction territory
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.
Despite the soaring prices, Trump said that oil prices “have not gone up as much as I thought” during a cabinet meeting on Thursday,
