Stocks close down as oil spikes 12%, job market weakens
KSL.com • • business
Key Points:
- Wall Street's major indexes closed lower on Friday, with the Dow down 0.95%, S&P 500 down 1.33%, and Nasdaq down 1.59%, amid concerns over a weakening labor market and a 12% surge in oil prices driven by escalating Middle East conflict.
- The U.S.-Israeli military action in Iran and halted shipping through the Strait of Hormuz contributed to oil prices rising above $90 per barrel for U.S. crude and $92 for Brent, raising fears of inflationary pressure and complicating the Federal Reserve's rate-cut plans.
- Investor anxiety increased, with the Cboe Volatility Index reaching its highest level since April 2022, while bank stocks declined due to concerns over
