WASHINGTON (dpa-AFX) - Stocks have moved sharply lower during trading on Thursday, with the major averages all showing significant moves to the downside after closing mixed for two straight sessions. With the slump, the major averages are on pace to end the session at three-month closing lows.
Currently, the major averages are off their worst levels but still posting steep losses. The Dow is down 574.55 points or 1.2 percent at 46,842.72, the Nasdaq is down 357.32 points or 1.6 percent at 22,358.81 and the S&P 500 is down 78.93 points or 1.2 percent at 6,696.87.
The weakness on Wall Street comes amid another sharp increase by the price of crude oil, as oil prices further offset the nosedive seen on Tuesday.
U.S. crude oil for April delivery is spiking $8 or 9.2 percent to $95.25 a barrel but remains well off Monday's highs near $120 a barrel.
International benchmark Brent crude futures for May delivery are also soaring by 8.6 percent, surging back near $100 a barrel
The extended rebound by the price of crude oil comes amid reports three more foreign ships were struck in the Persian Gulf overnight, adding to concerns about transit through the strategically vital Strait of Hormuz.
Energy Secretary Chris Wright told CNBC in an interview this morning that the U.S. Navy is 'not ready' to escort oil tankers through the strait.
Iran's new Supreme Leader Mojtaba Khamenei said the Strait of Hormuz must remain closed as a 'tool to pressure enemy.'
In U.S. economic news, the Labor Department released a report showing first-time claims for U.S. unemployment benefits unexpectedly edged slightly lower in the week ended March 7th.
The Labor Department said initial jobless claims slipped to 213,000, a decrease of 1,000 from the previous week's revised level of 214,000.
Economists had expected jobless claims to inch up to 215,000 from the 213,000 originally reported for the previous week.
Sector News
Steel stocks have shown a substantial move to the downside on the day, with the NYSE Arca Steel Index plummeting by 3.9 percent.
Significant weakness is also visible among airline stocks, as reflected by the 3.8 percent nosedive by the NYSE Arca Airline Index.
Semiconductor stocks are also seeing considerable weakness, dragging the Philadelphia Semiconductor Index down by 3.5 percent.
Oil service, banking and biotechnology stocks have also moved notably lower, while utilities and oil producer stocks are bucking the downtrend.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Thursday. Japan's Nikkei 225 Index slumped by 1.0 percent, while Hong Kong's Hang Seng Index slid by 0.7 percent.
The major European markets have also moved to the downside on the day. While the French CAC 40 Index is down by 1.2 percent, the German DAX Index is down by 0.9 percent and the U.K.'s FTSE 100 Index is down by 0.7 percent.
In the bond market, treasuries are seeing continued weakness following yesterday's slump. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.6 basis points at 4.234 percent.
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