Wall Street closes lower, posts weekly loss as war on Iran fuels inflation worries

The Dow Jones Industrial Average fell 119.38 points, or 0.26 per cent, to 46,558.47. Read more at straitstimes.com.

NEW YORK - US stocks ended down on March 13, capping a week in which erratic crude oil prices whipsawed equities, as investors gauged how the war in Iran was affecting the global oil supply.

All three major US stock indexes logged daily and weekly declines.

The small-cap Russell 2000 ended at its lowest close of the year so far.

Crude prices fluctuated before heading higher, even after US President Donald Trump temporarily eased sanctions on Russian oil to assuage supply concerns.

“We’ve seen volatility in the energy market that rivals any two-week period in cryptocurrency history. So, it’s hard to say that it’s being driven by fundamentals,” said Mr Paul Nolte, senior wealth adviser and market strategist at Murphy and Sylvest in Elmhurst, Illinois.

“It’s very much an emotional market, so it really doesn’t make sense trying to trade, let alone invest in this market.”