The Dow Jones Industrial Average fell into correction territory on Friday, while Brent traded above $110 after incidents in the Strait of Hormuz exacerbated investor concerns about energy supplies and President Donald Trump’s latest comments failed to encourage traders to buy stocks.
The Dow, which includes 30 stocks, was last down 792.67 points, or 1.72%. The S&P 500 lost 1.67%, while the Nasdaq Composite fell 2.15%.
The broad market index posted its fifth straight weekly decline, falling about 2% in the period. The tech-heavy Nasdaq is down more than 3% since the start of the week, while the Dow, the blue-chip index, is down nearly 1% for the week.
Friday’s decline comes a day after the Nasdaq fell into a correction on Thursday, moving nearly 13% below a record set in October. The Dow Jones entered correction territory on an intraday basis on Friday and is currently down 10.5% from its 52-week high. The S&P 500 is down about 9% from its record high.
The Dow Jones Industrial Average, the annual international benchmark for Brent crude futures, rose 4.22% to end at $112.57 a barrel. U.S. West Texas Intermediate crude futures gained 5.46% to end at $99.64 a barrel after earlier hitting a high of $100.04. It is the highest closing price since July 20, 2022.
President Donald Trump has extended the deadline for an attack on Iran’s energy infrastructure to April 6, a little more than a week after the original deadline that was supposed to end on Friday, SEEbiz reports.
“At the request of the Iranian government, please let this statement serve as confirmation that I am pausing the period of destruction of the power plants,” Trump said in a post on Truth Social.
“Talks are ongoing and, despite misrepresentations by the fake news media and others, are going very well. Thank you for your attention to this matter!”
The announcement is the latest signal that the Trump administration is seeking an end to the war between the US and Iran, a conflict that has resulted in a spike in oil prices that is already hurting voters at the gas station and could cost Republicans their seats in the midterm elections.
But uncertainty remains for investors after Iran’s foreign minister reportedly told state media this week that Tehran has no intention of talking to the US, even if its leaders are considering a US proposal to end the war. Additionally, The Wall Street Journal reported, citing people familiar with the matter, that the Pentagon is considering sending 10,000 more troops to the Middle East.
