US stocks close down as oil spikes 12%, job market weakens
The Straits Times
The Dow Jones Industrial Average fell 447.12 points, or 0.93 per cent, to 47,507.62, preliminary data showed. Read more at straitstimes.com.
NEW YORK - Wall Street’s three main indexes closed down on March 6 amid a sudden setback in the US labour market and a 12 per cent spike in US oil prices due to the escalating conflict in the Middle East.
A disappointing payrolls report intensified worries that the US economy could be cooling just as geopolitical tensions in the Middle East push energy costs sharply higher.
That mix threatens to box in the Federal Reserve, complicating its path to rate cuts and reviving concerns about renewed inflation pressure.
“It’s a one-two punch for the stock market today: the weak jobs report and the escalating price of oil,” said Ms Kristina Hooper, chief market strategist at financial firm Man Group in New York.
Oil prices jumped, driven by the US-Israeli military attack in Iran, which halted shipping through the Strait of Hormuz, and by warnings from Qatar that crude could surge to US$150 a barrel.
US crude oil futures climbed more than 12 per cent on March 6, to more than US$90 a barrel, while international Brent rose about 8.5 per cent to US$92 a barrel, quickly approaching the US$100 psychological barrier that alarms markets.
Singapore shares declined as elevated crude prices and Middle East tensions unsettled investors. STI down 0.3%. Read more at straitstimes.com.
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