U.S. stocks sank after oil prices jumped back to where they were in May.
The S&P 500 fell 0.6% Thursday, its fourth straight loss. The Dow Jones Industrial Average dropped 0.6%, and the Nasdaq composite sank 0.7%.
Stocks felt pressure as the price for a barrel of Brent crude briefly topped $108 because the war with Iran continues to clog the global flow of crude.
Treasury yields leaped in the bond market on increased worries about inflation, and the 10-year yield jumped to 4.95%. That’s up nearly a whole percentage point since the war with Iran began.
On Thursday:
The S&P 500 fell 44.66 points, or 0.6%, to 7,591.70.
The Dow Jones Industrial Average fell 316.56 points, or 0.6%, to 52,064.10.
The Nasdaq composite fell 171.62 points, or 0.7%, to 26,081.72.
The Russell 2000 index of smaller companies fell 30.29 points, or 1%, to 2,890.95.
For the week:
The S&P 500 is down 126.90 points, or 1.6%.
The Dow is down 1,350.15 points, or 2.5%.
The Nasdaq is down 425.27 points, or 1.6%.
The Russell 2000 is down 84.70 points, or 2.8%.
For the year:
The S&P 500 is up 746.20 points, or 10.9%.
The Dow is up 4,000.81 points, or 8.3%.
The Nasdaq is up 2,839.73 points, or 12.2%.
The Russell 2000 is up 409.04 points, or 16.5%.
