Dow falls 450 points, posts worst week in nearly a year as oil tops $90, jobs data disappoints Stocks declined sharply on Friday, marking their worst weekly performance in nearly a year, as oil prices surged past $90 per barrel and disappointing U.S. jobs data weighed on investor sentiment. The Dow Jones Industrial Average dropped 453.19 points, or 0.95%, to close at 47,501.55, with its intraday low falling nearly 2% at 47,555. The S&P 500 fell 1.33% to 6,740.02, while the Nasdaq Composite dropped 1.59% to 22,387.68. The declines followed a broader sell-off, with the S&P 500 losing 2% and the Dow falling 3% for the week. The market’s slump was driven by a combination of factors, including a sharp rise in oil prices and weak economic data. West Texas Intermediate crude oil broke above $90, ending the week with a 35% gain—the largest weekly increase since oil futures trading began in 1983. The surge was fueled by tensions in the Middle East, with President Donald Trump’s comments on the U.S.-Iran conflict amplifying fears of a prolonged war. Qatar’s energy minister, Saad al-Kaabi, warned that Gulf producers might invoke force majeure to halt oil production, potentially pushing prices to $150 per barrel. Analysts expressed caution about the oil market’s volatility. Jeremy Siegel, a Wharton professor emeritus, said he was “very cautious” about the situation, warning that if no resolution emerges over the weekend, oil prices could reach $100 per barrel next week. Jed Ellerbroek of Argent Capital Management noted that the gap between oil’s high and low prices had widened significantly, with even a 20% discount on al-Kaabi’s $150 projection still leaving prices at “scary” levels. The jobs data further dampened investor confidence.#dow_jones_industrial_average #s_p_500 #bureau_of_labor_statistics #west_texas_intermediate #nasdaq_composite
Dow suffers worst week since April as oil hits $90 and weak jobs data adds to market anxiety Oil prices surged this week amid escalating tensions in the Middle East, sending energy benchmarks to their highest levels since late 2023. The conflict with Iran disrupted oil flows through the Strait of Hormuz, triggering a sharp rise in global crude prices. US crude futures climbed 12.2% to $90.90 per barrel, marking the largest single-day gain since May 2020, while Brent crude, the international benchmark, rose 8.5% to $92.69 per barrel. The week’s gains pushed US oil up 36% and Brent crude 27%, the most significant weekly increases since the early 1980s. The surge in oil prices, combined with weaker-than-expected jobs data, deepened market anxiety. US stocks closed lower on Friday as the Dow fell 453 points, or 0.95%, after an initial drop of nearly 950 points. The S&P 500 dropped 1.33%, and the Nasdaq fell 1.59%. The Dow ended the week down 3%, its worst performance since April, while the S&P 500 fell 2%, its worst weekly decline since October. European and Asian markets fared worse, with the Stoxx 600 index dropping 5.55% and Japan’s Nikkei 225 falling 5.5%. The jobs data further exacerbated investor concerns. The US economy lost 92,000 jobs in February, and the unemployment rate rose to 4.4%, according to the Bureau of Labor Statistics. Analysts warned that the combination of rising energy prices and a weak labor market could fuel inflation, complicating the Federal Reserve’s monetary policy decisions. “The stock market is becoming increasingly vulnerable to turmoil in the Middle East,” said Craig Johnson of Piper Sandler, noting the potential for further declines. Investors also grappled with the broader economic implications.#iran #middle_east #strait_of_hormuz #dow_jones #bureau_of_labor_statistics
