New York —
Stocks sank, volatility picked up and oil prices surged to their highest level since mid-2024 as concerns about a prolonged war with Iran continue to roil markets.
The Dow closed lower by 785 points, or 1.61%, recouping some losses in the afternoon after briefly falling more than 1,100 points. The S&P 500 sank 0.56% and the tech-heavy Nasdaq fell 0.26%, paring earlier losses but finishing the day slightly lower.
US crude oil prices jumped 8.5%, to just over $81 per barrel, posting their biggest single-day gain since May 2020. Brent crude,