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U.S. Stocks Close Wednesday Down
(MENAFN) Wall Street extended its losing streak Wednesday, with all three major indexes closing lower for a third straight session as climbing Treasury yields and surging oil prices rattled investors.
The Dow Jones Industrial Average shed 405.41 points, or 0.77%, settling at 52,380.66. The S&P 500 slipped 0.48% to close at 7,636.36, and the Nasdaq Composite fell 0.64%, ending the day at 26,253.34.
Treasury yields moved higher after the Treasury Department announced plans to triple its buyback of longer-dated government debt, boosting the program to $6 billion. The benchmark 10-year Treasury yield jumped to 4.857%, its highest level since November 2023.
Oil markets compounded the pressure on stocks, with crude prices climbing further as tensions between the United States and Iran intensified, stoking fears of fresh disruptions to Middle East energy supplies.
President Donald Trump said Wednesday that conflict with Iran would "end immediately" once the Nov. 3 midterm elections had passed, asserting that Tehran "can't hold out any longer."
Pressed on whether negotiations with Iran were on the table, Trump responded, "We're not looking for it. Yes, a negotiation could possibly happen, but it's not something we're looking at."
The president also asserted that recent American strikes in the Strait of Hormuz had disabled roughly nine Iranian tankers, warning, "You're going to see a lot more."
Crude benchmarks surged on the news. International benchmark Brent crude gained 3.8% to reach $101.64 per barrel, while US benchmark West Texas Intermediate jumped 4.1% to $96.85 — both contracts closing at their highest levels since May.
Meanwhile, the CBOE Volatility Index — Wall Street's so-called "fear index" — climbed 4.71% to 16.46, reflecting growing investor unease.
European Markets Retreat Alongside US Losses
Stocks across Europe mirrored the downturn on Wall Street, as geopolitical uncertainty and rising oil prices dampened risk appetite throughout the region.
The pan-European STOXX Europe 600 index dropped 1.41% to 640.41 points.
In London, the FTSE 100 fell 1.31% to 10,670.06, while Germany's DAX 40 declined 1.66% to 25,576.45. France's CAC 40 posted the steepest regional loss, dropping 1.94% to close at 8,156.67, and Italy's FTSE MIB 30 eased 0.58% to 51,875.24.
Spain's IBEX 35 rounded out the losses, falling 1.51% to finish the session at 19,695.30 points.
The Dow Jones Industrial Average shed 405.41 points, or 0.77%, settling at 52,380.66. The S&P 500 slipped 0.48% to close at 7,636.36, and the Nasdaq Composite fell 0.64%, ending the day at 26,253.34.
Treasury yields moved higher after the Treasury Department announced plans to triple its buyback of longer-dated government debt, boosting the program to $6 billion. The benchmark 10-year Treasury yield jumped to 4.857%, its highest level since November 2023.
Oil markets compounded the pressure on stocks, with crude prices climbing further as tensions between the United States and Iran intensified, stoking fears of fresh disruptions to Middle East energy supplies.
President Donald Trump said Wednesday that conflict with Iran would "end immediately" once the Nov. 3 midterm elections had passed, asserting that Tehran "can't hold out any longer."
Pressed on whether negotiations with Iran were on the table, Trump responded, "We're not looking for it. Yes, a negotiation could possibly happen, but it's not something we're looking at."
The president also asserted that recent American strikes in the Strait of Hormuz had disabled roughly nine Iranian tankers, warning, "You're going to see a lot more."
Crude benchmarks surged on the news. International benchmark Brent crude gained 3.8% to reach $101.64 per barrel, while US benchmark West Texas Intermediate jumped 4.1% to $96.85 — both contracts closing at their highest levels since May.
Meanwhile, the CBOE Volatility Index — Wall Street's so-called "fear index" — climbed 4.71% to 16.46, reflecting growing investor unease.
European Markets Retreat Alongside US Losses
Stocks across Europe mirrored the downturn on Wall Street, as geopolitical uncertainty and rising oil prices dampened risk appetite throughout the region.
The pan-European STOXX Europe 600 index dropped 1.41% to 640.41 points.
In London, the FTSE 100 fell 1.31% to 10,670.06, while Germany's DAX 40 declined 1.66% to 25,576.45. France's CAC 40 posted the steepest regional loss, dropping 1.94% to close at 8,156.67, and Italy's FTSE MIB 30 eased 0.58% to 51,875.24.
Spain's IBEX 35 rounded out the losses, falling 1.51% to finish the session at 19,695.30 points.
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