Dow Plunges 628 Points as Oil Surges on Iran Strikes; Amgen Tumbles 10%
IXIC sits 28% above its 52-week low of $20,690.249.
Summary
U.S. stocks fell broadly on Tuesday as crude oil surged more than 2% after the U.S. struck three Iranian crude oil carriers over the weekend. The Dow dropped 628 points (1.2%), the S&P 500 lost 0.6%, and the Nasdaq slipped 0.3%. Amgen plunged over 10% after Novartis reported disappointing late-stage trial results for a rival cholesterol drug, dragging the pharmaceutical sector down 3.2%. Treasury yields rose, with the 10-year up 2.2 bps to 4.806%, pressuring housing stocks. This follows last week's oil-driven selloff and comes ahead of key U.S. inflation data later this week, which will shape Fed rate expectations. The new fragment highlights the possibility of oil reaching $100 per barrel.
At the time of this announcement, IXIC was trading at $26,421.41 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,190.21. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: dpa-AFX.