Oil prices rose following the latest threats to the U.S.-Iran ceasefire, and U.S. stocks retreated from their records.
The S&P 500 fell 0.7% Wednesday from its all-time high and snapped a nine-day winning streak. The Dow Jones Industrial Average dropped 1.2%, and the Nasdaq composite sank 0.9%.
Oil prices rose roughly 2% after both the United States and Iran said they launched retaliations for earlier attacks or attempted ones. Treasury yields also climbed in the bond market to further crank up the pressure on stocks. The smallest U.S. stocks fell to the sharpest losses.
On Wednesday:
The S&P 500 fell 56.10 points, or 0.7%, to 7,553.68.
The Dow Jones Industrial Average fell 620.72 points, or 1.2%, to 50,687.07.
The Nasdaq composite fell 239.93 points, or 0.9%, to 26,853.98.
The Russell 2000 index of smaller companies fell 38.46 points, or 1.3% to 2,893.50.
For the week:
The S&P 500 is down 26.38 points, or 0.4%.
The Dow is down 345.39 points, or 0.7%.
The Nasdaq is down 118.64 points, or 0.4%.
The Russell 2000 is down 25.82 points, or 0.9%.
For the year:
The S&P 500 is up 708.18 points, or 10.4%.
The Dow is up 2,623.78 points, or 5.5%.
The Nasdaq is up 3,611.99 points, or 15.5%.
The Russell 2000 is up 411.61 points, or 16.6%.
