Stock market today: Dow tumbles as oil surge slams markets

Fears of an oil shock slammed stocks again after Iran said it attacked a crude tanker, rekindling worries that rising oil could push inflation higher and slow growth. Major indexes slid, with the Dow plummeting about 900 points around midday. Oil continued to climb after plateauing earlier in the week.

April futures for West Texas Intermediate rose as much as 6% to $79 a barrel, the highest in about eight months, while Brent traded around $83 a barrel, up 4% and close to this week’s peak near $84. Markets turned broadly negative: S&P 500: 6,779.01, down 1.32%; Dow Jones Industrial Average: 47,775.75, down 2% (-963 points); Nasdaq composite: 22,524.198, down 1.22%.

Broadcom was up 4%, Berkshire Hathaway (Class B) rose 1% after the company said it was buying back stock and CEO Greg Abel purchased $15 million in shares. The 10-year US Treasury yield jumped to 4.131% (+4 basis points). Analysts warned of the potential economic fallout if the conflict drags on.

United States

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