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Dow Jones drops 500 points as Middle East tensions raise oil prices
The Dow Jones dropped 500 points Friday as Middle East tensions pushed oil prices higher.
The Dow Jones Industrial Average fell 500 points on Friday as Middle East tensions drove oil prices higher. West Texas Intermediate crude rose 2.9% to $102.30 a barrel while Brent crude reached a six-month high of $116.10. SK Hynix shares gained 4.5% after the firm cancelled a U.S. public offering for its Solidigm subsidiary. SpaceX stock rose 2.5% following reports it seeks 80,000 U.S. cell sites.
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Dow Jones drops 500 points as Middle East tensions raise oil prices
The Dow Jones Industrial Average declined 1.1% and the S&P 500 fell 0.2% during Friday's trading session. Market volatility was driven primarily by rising energy costs linked to threats of expanded fighting in the Middle East. While the broader market tumbled, some memory stocks and AI-related firms saw rebounds. Investors remain cautious as geopolitical instability continues to impact global energy markets.