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US stocks sank on Thursday as oil prices and Treasury yields continued to climb and investors assessed fresh wholesale inflation data.
The Dow Jones Industrial Average (^DJI), S&P 500 (^GSPC), and tech-heavy Nasdaq Composite (^IXIC) all dropped by about 0.6%, with all three indexes losing for a fourth straight day.
Stocks cooled this week as oil prices topped $105 per barrel after Iran targeted US Navy warships in the latest escalation in the Middle East conflict, and Saudi Arabia said that its oil production fell to the lowest level since 1990.
President Trump said Wednesday that oil prices may not come down until after the midterm elections two months away. The ongoing US-Iran war and disruptions in the Strait of Hormuz have raised concerns that an energy shock could flow into broader inflation and all but force the Federal Reserve to raise interest rates.
