economy
Dow Suffers Worst Week Since April as Oil Hits $90 and Weak Jobs Data Adds to Market Anxiety
The Iran war sent oil futures surging to historic gains this week, while stocks fell sharply in a worldwide selloff.
TL;DR
- US stocks closed lower on Friday, with the Dow falling 453 points, S&P 500 down 1.33%, and Nasdaq down 1.59%.
- The Dow recorded its worst week since April, and the S&P 500 had its worst week since October.
- Oil prices reached their highest level since September 2023, with US crude surging 12.2% and Brent crude gaining 8.5% on Friday.
- US oil and Brent prices surged approximately 36% and 27% for the week, respectively, due to disruptions from the conflict with Iran.
- The US economy lost 92,000 jobs in February, and the unemployment rate rose to 4.4%.
- Bond yields, particularly the 10-year Treasury yield, surged as investors sold bonds due to inflation concerns.
- The US dollar index moved lower after the weak jobs report but had risen for the week as a safe haven.
- Concerns about inflation potentially delaying Federal Reserve interest rate cuts are increasing.