Wall Street and global markets slump in 1st opening since Iran conflict
Global News
Oil prices leaped, and stock markets slumped worldwide following military strikes by the United States and Israel on Iran, including Wall Street and the TSX.
Oil prices leaped, and stock markets slumped worldwide following military strikes by the United States and Israel on Iran.
Worries about disruptions to the flow of crude sent oil prices up more than seven per cent Monday.
The S&P 500 fell 0.7 per cent as stocks of airlines and other U.S. businesses stand to see higher fuel bills soon. The Dow Jones Industrial Average dropped 490 points, and the Nasdaq composite fell 0.9 per cent.
The Toronto Stock Exchange was down on Monday by more than 200 points, or 0.6 per cent as of publication.
Gold rose as investors looked for something safer to own. Treasury yields often fall when investors are nervous, but they rose instead because of worries that higher oil prices will worsen inflation.
Military strikes on Iran rattled global markets on Monday with U.S. futures following markets in Europe and Asia lower. Energy prices rose sharply.
Futures for the S&P 500 and Dow Jones Industrial Average each sank about one per cent.
The price of a barrel of U.S. benchmark rose to roughly USD$72 per barrel, a price not seen since the U.S. summer driving season and the 12-day Israel-Iran war. Brent crude jumped nine per cent to nearly $79.19 per barrel.
