APTOPIX Financial Markets Wall Street
Ryan Falvey works on the floor at the New York Stock Exchange in New York, Thursday, March 5, 2026.
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Oil surges to its highest price since 2023, and stocks drop after a weak update on the US job market
Oil shot to its highest price since 2023 after surging again because of the Iran war, and a weak update on the U.S. job market knocked stocks lower to cap Wall Street’s worst week since October. The S&P 500 dropped 1.3% Friday. The Dow Jones Industrial Average plunged as many as 945 points before finishing with a loss of roughly 450, and the Nasdaq composite sank 1.6%. The combination of a weak economy and high inflation is a worst-case scenario for investors because the Federal Reserve has no good tool to fix both problems at the same time.
The S&P 500 dropped 1.6% after a report showed U.S. employers cut more jobs last month than they created.
