Dow Jones Industrial Average drops 233 points
The Dow slid 233.92 points, or 0.81% to 28,634.88. The S&P 500 fell 0.71% to end the day at 3,234.85. The Nasdaq Composite closed 0.79% lower at 9,020.77. Stocks took a hit after jump in oil prices sparked by the assassination of a top Iranian military leader.
US-Iran tensions jolt oil, dent stocks
The U.S. confirmed late Thursday night it killed Iranian Gen. Qasem Soleimani via airstrike, sending crude prices up about 3% amid fears of further escalation in the relations between the two countries. Iran vowed it would retaliate against the U.S. for killing Soleimani, while the U.S. Embassy in Iraq alerted U.S. citizens in the country to leave immediately. Friday was a surprise for investors after the market notched record highs in the previous session. More volatility is expected in the near term, but experts remain sanguine about the market further down the line since they see a major escalation as unlikely.
Apple falls from all-time highs, airlines pull back
Apple shares fell 0.97%, a day after hitting $300 per share for the first time. Airlines, meanwhile, closed broadly lower amid the threat of higher oil prices. United fell 2.05%. American lost 4.97% while Delta slid 1.66%.
What happens next?
Data on the U.S. services sector will be released Monday by the Institute for Supply Management along with monthly auto sale numbers. Investors will also monitor any news on U.S.-Iran relations. Read more here.