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Stocks tumbled on Thursday after President Donald Trump indicated that the Iran war would continue, sending oil prices higher as well.
The Dow Jones Industrials index plunged 376.23 points to 46,189.51.
The S&P 500 index dropped 48.01 points to 6,527.31.
The NASDAQ removed 219.21 points, or 1%, to 21,621.83.
Trump delivered an address Wednesday night, providing updates on the Middle East conflict. Though he said that the U.S. is “getting very close” to ending the Iran war, Trump added that the nation would “hit” Tehran “extremely hard.”
“Over the next two to three weeks, we’re going to bring them back to the stone ages where they belong,” the president said.
His comments led to a surge in oil prices. West Texas Intermediate crude futures were last up 11% at above $111 per barrel, while Brent crude futures advanced 7% to above $108 a barrel.
Major cruise operators tumbled after Trump’s speech failed to outline a clear path to end the war in Iran, leading oil prices to surge and reigniting demand fears. Carnival, Royal Caribbean and Norwegian Cruise Line all fell about 4%.
Higher oil prices also sent airline stocks tumbling, with Delta Air Lines, United Airlines, Southwest Airlines and Alaska Air all fell about 4%
Prices for the 10-year Treasury gained ground, weighing on yields to 4.30% from Wednesday’s 4.33%. Treasury prices and yields move in opposite directions.
Oil prices gained $10.75 to $110.87 U.S. a barrel.
Gold prices tailed off $130.70 to $4,605.40 U.S. an ounce.
