WASHINGTON (dpa-AFX) - After coming under pressure early in the session, stocks saw even further downside over the course of the trading day on Thursday, ending the day sharply lower. With the steep losses, the Nasdaq and the S&P 500 dropped to their lowest closing levels since early last September.
The major averages ended the day just off their lows of the session. The Nasdaq plunged 521.74 points or 2.4 percent to 21,408.08, the S&P 500 tumbled 114.74 points or 1.7 percent to 6,477.16 and the Dow slumped 469.38 points or 1 percent to 45,960.11.
The sell-off on Wall Street extended the see-saw trend seen over the past few sessions, as traders reacted to continued volatility by the price of crude oil.
International benchmark Brent crude futures have surged by more than 5 percent after tumbling by more than 2 percent during Wednesday's trading.
The rebound by the price of crude oil comes amid lingering uncertainty about the status of Middle East peace talks. Iran dismissed an American plan to pause the war, insisting that it will only occur on Tehran's own terms and timeline.
In a post on Truth Social, President Donald Trump described Iranian negotiators as 'very different' and 'strange' but claimed they are 'begging' the U.S. to make a deal.
'They better get serious soon, before it is too late, because once that happens, there is NO TURNING BACK, and it won't be pretty!' Trump warned.
Concerns about further widening of the conflict also weighed on the markets after several Gulf countries issued a joint statement condemning Iran's 'criminal' attacks on their energy infrastructure.
The statement by the U.A.E., Kuwait, Bahrain, Saudi Arabia, Qatar and Jordan specifically calls out attacks carried out by armed factions loyal to Iran from Iraqi territory.
'While we value our fraternal relations with the Republic of Iraq, we call on the Iraqi government to take the necessary measures to immediately halt the attacks launched by factions, militias, and armed groups from Iraqi territory toward neighboring countries,' said the statement.
The Gulf countries reaffirmed their right to self-defense as well as their right to 'take all necessary measures to safeguard our sovereignty, security, and stability.'
Sector News
Computer hardware, semiconductor and networking stocks saw substantial weakness on the day, contributing to the steep drop by the tech-heavy Nasdaq.
Outside of the tech sector, gold stocks moved sharply lower along with the price of the precious metal, dragging the NYSE Arca Gold Bugs Index down by 3.7 percent.
Steel, housing and airline stocks also showed significant moves to the downside, while oil producer stocks surged along with the price of crude oil.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Thursday. Japan's Nikkei 225 Index dipped by 0.3 percent, while China's Shanghai Composite Index slumped by 1.1 percent.
The major European markets also showed significant moves downside on the day. While the German DAX Index dove by 1.5 percent, the U.K.'s FTSE 100 Index tumbled by 1.3 percent and the French CAC 40 Index slid by 1 percent.
In the bond market, treasuries moved sharply lower following the rebound seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, surged 8.8 basis points to an eight-month closing high of 4.416 percent.
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