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NEW YORK (AP) — Stock markets worldwide are sinking on worries about whether the global economy can withstand spiking prices for oil, which briefly got to nearly $120 per barrel on Monday. But for as scary as the moves have been, they remain twitchy and quick to reverse amid all the uncertainty caused by the war with Iran.
The S&P 500 fell 0.5% after dropping as much as 1.5% in the morning. The Dow Jones Industrial Average was down 365 points, or 0.8%, as of 11:30 a.m. Eastern time, and the Nasdaq composite was 0.1% lower. That followed worse losses in European and Asian stock markets.
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Since the war with Iran began with attacks by the United States and Israel, the central worry for financial markets has been how high oil prices will go because of it and how long they will stay there.
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