Crude prices jumped on worries about worsening tensions in the Middle East, while U.S. stocks pulled back further from their records.
The S&P 500 edged down by 0.2% Thursday. The Dow Jones Industrial Average fell 0.4%, and the Nasdaq composite slipped less than 0.1%.
The price for a barrel of Brent crude leaped 5% and is potentially on track for its biggest weekly gain in nearly two years. It rose after President Joe Biden suggested officials were discussing a possible strike by Israel against Iranian oil facilities, though no move looks imminent. Treasury yields rose following signals the economy remains solid.
On Thursday:
The S&P 500 fell 9.60 points, or 0.2%, to 5,699.94.
The Dow Jones Industrial Average fell 184.93 points, or 0.4%, to 42,011.59.
The Nasdaq composite fell 6.65 points, or less than 0.1%, to 17,918.48.
The Russell 2000 index of smaller companies fell 14.86 points, or 0.7%, to 2,180.15
For the week:
The S&P 500 is down 38.23 points, or 0.7%.
The Dow is down 301.41 points, or 0.7%.
The Nasdaq is down 201.11 points, or 1.1%.
The Russell 2000 is down 44.56 points, or 2%.
For the year:
The S&P 500 is up 930.11 points, or 19.5%.
The Dow is up 4,322.05 points, or 11.5%.
The Nasdaq is up 2,907.12 points, or 19.4%.
The Russell 2000 is up 153.07 points, or 7.6%.
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