Dow Falls More than 900 Points; S&P 500, Nasdaq Slide

US stocks ground lower as Wall Street failed to build on a rebound session, with conflict in the Middle East remaining in focus amid a renewed surge in oil prices.

Attention remains on the conflict in the Middle East as attacks between the US-Israel coalition and Iran spread across the region. (Photo: New York Stock Exchange Facebook)

The Dow Jones Industrial Average led the decline with a drop of more than 1.9%, or over 950 points. The S&P 500 fell about 1%, while the tech-heavy Nasdaq Composite lost 0.7%, Rian Howlett and Jake Conley reported for Yahoo Finance.

Attention remains on the conflict in the Middle East as attacks between the US-Israel coalition and Iran spread across the region.

Friday marked the seventh day of violence, with no immediate signs of easing.

Trump said on Wednesday that the US was “doing very well on the war front,” while the White House announced that American forces had struck more than 2,000 targets and were moving toward “complete and total control of Iranian airspace.”

As the fourth-largest oil producer in OPEC, the impact of Iran’s reduced production capabilities has wide-ranging effects across commodities and stocks.

Investors are concerned that surging oil prices could force the Federal Reserve to reassess interest rates in an already volatile market.

Oil prices have begun to rally again. Supply concerns briefly eased after Trump said the US would offer risk insurance and naval escorts for ships transiting the Strait of Hormuz, but damage to infrastructure and tankers in the region has renewed market anxiety.

West Texas Intermediate futures traded near $79 a barrel, while Brent crude traded above $84.