Dow closes in correction, S&P logs longest weekly losing streak in four years and oil settles at Iran-war highs [View all]
Source: CNN Business
Updated Mar 27, 2026, 4:09 PM ET
PUBLISHED Mar 27, 2026, 1:53 PM ET
New York - US stocks slid and the Dow closed in correction Friday as uncertainty about the duration of the war with Iran and nerves about energy inflation continued to weigh on markets. The Dow fell 793 points, or 1.73%, and closed at 45,167, down 10% from its peak above 50,000 in February.
The S&P 500 fell 1.67% and the Nasdaq declined by 2.15%. The Dow, S&P 500 and Nasdaq each closed at their lowest level since August.The Nasdaq extended losses after closing in correction territory Thursday. The index on Friday closed down more than 12.5% from its record high in October. The Nasdaq is made up of tech stocks that are more sensitive to the outlook for interest rates and economic growth.
The key factor is rising oil prices, which settled on Friday at their highest level since the war began. Oil prices climbed as investors grew skeptical of efforts to end the war. Brent crude, the global benchmark, rose 4.22%, to $112.57 per barrel. US crude oil rose 5.46%, to settle at $99.64 per barrel, after briefly hitting $100 per barrel.
“The diplomatic dissonance this week between the US and Iran dismayed investors,” Doug Beath, global equity strategist at Wells Fargo Investment Institute, said in a note.
Read more: https://www.cnn.com/2026/03/27/investing/us-stocks-iran
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