Wall Street ends the week in the red and the Dow Jones enters correction territory
Wall Street closed this Friday in the red and the Dow Jones Industrial Average, its main indicator, entered correction territory, thus ending a week once again marked by the war in the Middle East. At the close of the New York Stock Exchange, the Dow Jones fell 1.7%, to 45,166 points, entering correction territory (when there is an accumulated drop of 10% since the last record). Meanwhile, the S&P 500 index retreated 1.67%, to 6,368 points, and the tech-heavy Nasdaq lost 2.15%, to 20,948 units.
TL;DR
- The Dow Jones Industrial Average entered correction territory, falling 1.7% on Friday and 0.9% for the week.
- The S&P 500 and Nasdaq also closed lower, with weekly losses of 2% and 3% respectively.
- Investor focus shifted back to the Middle East war and the Strait of Hormuz.
- US President Donald Trump extended an ultimatum to Iran regarding the Strait of Hormuz.
- Oil prices, specifically WTI, surged by 5.46% on Friday and 1% for the week.
- The Strait of Hormuz, a vital shipping route, remains effectively closed, impacting global crude and natural gas supply.
- Gold and silver prices also saw significant increases.
- Iran has stated that "non-hostile" vessels can transit the strait, but two Chinese ships were reportedly prevented from doing so.