(NEW YORK) — Stocks ticked lower in volatile trading on Thursday after President Donald Trump delivered a televised address vowing to hit Iran “extremely hard” over the coming weeks.
The Dow Jones Industrial Average fell 75 points, or 0.1%, after opening down by 600 points, while the S&P 500 dropped 0.06%. The tech-heavy Nasdaq declined 0.1%.
Each of the major indexes tumbled more than 1% in early trading, but they quickly recovered most of those losses.
The rollercoaster trading followed losses across Asian and European markets. Tokyo’s Nikkei 225 index slipped 2.3% and the pan-European STOXX 600 fell 0.6%.
Oil prices, meanwhile, surged as traders feared a persistent supply shortage amid the ongoing U.S.-Israeli war with Iran. U.S. oil prices climbed more than 8% on Thursday, registering at about $108 a barrel.
Gasoline prices in the U.S. ticked up to $4.08 on average per gallon, marking a leap of $1.09 over the past month, AAA data showed.
This is a developing story. Please check back for updates.
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