U.S. Stocks Drop as Iran Tension Slows Risk Rally: Markets Wrap
- Gold trades at highest level since 2013; Dollar extends slide
- S&P 500, Dow Industrials fade after reaching record highs
This article is for subscribers only.
U.S. stocks closed lower after touching record highs as an escalation of tensions with Iran cooled this week’s rally in risk assets sparked by dovish central banks. Oil surged.
The S&P 500 fell for the first time this week even after hitting a fresh intraday high, while the Dow Jones Industrial Average briefly surpassed its Oct. 3 closing record before finishing in the red. The index whipsawed Friday with volumes higher than the 30-day average as futures and options expired. The dollar was lower for a fourth day in the wake of the Federal Reserve’s dovish signals earlier in the week, while gold traded around $1,400 an ounce for the first time since 2013. U.S. crude topped $57 a barrel.