The Dow Jones Industrial Average briefly dropped more than 1,000 points after the price of oil spiked to its highest level since the summer of 2024.
The Dow lost as many as 1,160 points Thursday before finishing the day with a drop of 784, or 1.6%.
The S&P 500, which is the measure of the U.S. stock market that many more 401(k) accounts follow, fell 0.6%, while the Nasdaq composite lost 0.3%.
Worries are rising that a long-term spike in oil prices because of the war with Iran could exhaust households’ ability to spend, grind down the global economy and push interest rates higher.
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