US stocks tumble as oil prices spike, yields rise
Business
Wall Street had a rough day Thursday: Dow fell 469 points (1%), Nasdaq slid 2.4% into correction territory, and the S&P 500 lost 1.7%, its biggest dip since January.
This could extend a losing streak that would be the longest in nearly four years.
Higher oil and rising Treasury yields
Oil prices shot up after Iran tightened control over the Strait of Hormuz, a key route for global oil shipments: Brent crude hit $101.89 per barrel.
President Trump said talks are ongoing and military action is on hold for now, but investors are still uneasy.
Higher oil and rising Treasury yields (now at 4.43%) are making loans and mortgages pricier, adding to economic worries worldwide.