Stocks largely in the red amid Iran war
Wall Street on Monday was largely languishing in the red, though gains in tech stocks and dip buyers stemmed losses.
Sentiment remained under pressure as the escalating conflict in the Middle East boosted oil prices, raising fears that higher energy costs could weigh on the economy, News.Az reports, citing Reuters.
At 14:49 ET (18:49 GMT), the tech-heavy NASDAQ Composite seesawed between negative and positive territory, last higher by 0.1% to 22,414.68 points, after earlier logging a decrease of as much as 1.5%. The benchmark S&P 500 index was down 0.3% to 6,722.82 points, having eaten into a decline of as much as 1.5%. The blue-chip Dow Jones Industrial Average shed 0.7% to 47,159.27 points, pulling back from a fall of as much as 1.9%.
The main averages on Wall Street all fell by at least 1% to end the previous trading week, a negative week overall, as the escalating fighting in the Middle East threatened to take a toll on the global economy.
By Faig Mahmudov
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