Stocks fell sharply on Friday after the U.S. confirmed that an airstrike killed Iran’s top military commander, sending oil prices surging and hiking geopolitical concerns.
The Dow Jones Industrials stumbled 257.35 points to start Friday at 28,611.45. The S&P 500 let go of 22.94 points to 3,234.91
The NASDAQ sank 70.24 points to 9,021.95.
Energy stocks were the lone winner on Friday. Concho Resources and Marathon Oil rose more than 2% each while Apache jumped traded more than 1.5% higher.
Airline stocks fell broadly on the threat of higher oil prices. United, American and Delta all dropped more than 2%.
A weaker-than-expected reading on the manufacturing economy also weighed on stocks. December’s Institute for Supply Management manufacturing index came in at 47.2, the weakest in a decade and smaller than the 49 reading expected by economists polled by Dow Jones.
The U.S. announced late Thursday that it had killed Iran’s top commander, Gen. Qasem Soleimani, in Baghdad in an airstrike. Soleimani had been a key figure in Iranian politics, and his death has raised concerns over a potential retaliation from the Iranian forces.
Prices for the 10-Year U.S. Treasury spiked, dropping yields to 1.82% from Thursday’s 1.88%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.30 to $63.48 U.S. a barrel. Gold prices added $23.00 at $1,551.10 U.S. an ounce. Dow Drops Sharply After Attack on Iran.