U.S. Stock markets closed lower on Friday in a volatile session, as escalating conflict between the U.S. And Israel and Iran, coupled with rising oil prices, fueled investor concerns. The declines mark the fourth consecutive week of losses for major indices, reflecting growing anxieties about geopolitical risk and its potential economic impact.
The Dow Jones Industrial Average fell 446.51 points, or 0.97%, closing at 45,577.47. The S&P 500 declined by 1.51% to 6,506, while the Nasdaq Composite dropped 2.01% to finish at 21,647. Adding to the downward pressure, the minor-cap Russell 2000 fell more than 2%, entering correction territory – a 10% decline from its recent peak.
The market downturn followed overnight exchanges of attacks between Iran and Israel on March 20 and 21. Selling intensified after reports indicated that Iraq had declared force majeure at oil fields operated by foreign companies, driving crude prices higher, with Brent reaching $112 per barrel and WTI surpassing $98.
Contributing to the negative sentiment was a rise in U.S. Treasury bond yields, driven by fears of a resurgence in inflation and speculation that the Federal Reserve may postpone interest rate cuts. These factors combined to create a challenging environment for investors, extending the losing streak for key market benchmarks.
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