Stocks Plummet Following U.S. Raid on Iran - InvestingChannel

Stocks Plummet Following U.S. Raid on Iran



Stocks fell on Friday after the U.S. confirmed that an air strike killed Iran’s top military commander, sending oil prices surging and ratcheting up geopolitical concerns.

The Dow Jones Industrials dwindled 235.48 points to conclude an abbreviated week at 28,633.32, its biggest one-day loss since early December.

The S&P 500 slipped 23 points to 3,234.85, its worst day in a month.

The NASDAQ withered 71.42 points to 9,020.77.

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.

Airline stocks fell broadly on the threat of higher oil prices. United, American and Delta all dropped more than 1.6%.

Energy stocks such as Concho Resources went up 3.7% while Apache gained 1.3%. Devon Energy climbed 1.2%.

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.

Prices for the 10-Year U.S. Treasury spiked, dropping yields to 1.79% from Thursday’s 1.88%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.81 to $62.99 U.S. a barrel.

Gold prices added $23.00 at $1,551.10 U.S. an ounce.