WASHINGTON (dpa-AFX) - Stocks moved sharply lower over the course of the trading day on Friday, adding to the steep losses posted in the previous session. The major averages moved to the downside early in the session and slid even more firmly into negative territory as the day progressed.
The major averages climbed off their worst levels going into the end of the day but still posted steep losses. The Nasdaq plunged 459.72 points or 2.2 percent to 20,948.36, the Dow tumbled 793.47 points or 1.7 percent to 45,166.64 and the S&P 500 slumped 108.31 points or 1.7 percent to 6,368.85.
For the week, the Nasdaq plummeted by 3.2 percent, the S&P 500 dove by 2.1 percent and the Dow slid by 0.9 percent. The steep losses dragged the major averages down to their lowest closing levels in over eight months.
A continued surge by the price of crude oil weighed on Wall Street, with international benchmark Brent crude futures jumping back above $110 a barrel after soaring by more than 5 percent during Thursday's trading.
The extended spike by crude oil prices came even though President Donald Trump extended the pause on attacking Iran's energy plants by 10 days to April 6th.
Trump claimed in a post on Truth Social that negotiations with Iran are 'going very well,' although Iranian state media has said Tehran 'responded negatively' to a U.S. peace proposal.
'Comments from Washington and Tehran about a potential peace process seem to come from parallel worlds, with the former indicating talks are going well while the latter effectively denies talks are even happening,' said AJ Bell investment director Russ Mould.
'For now, fighting continues and the path out of the current crisis remains unclear,' he added. 'Oil prices, probably the best indicator, remain elevated and have reached $110 per barrel again.'
Mould noted that the longer crude oil prices remain at elevated levels the greater the fear of inflationary pressures returning in a meaningful way.
Sector News
Airline stocks showed a substantial move to the downside on the day, resulting in a 4.7 percent nosedive by the NYSE Arca Airline Index.
Biotechnology, software and computer hardware stocks also saw considerable weakness, contributing to the steep drop by the tech-heavy Nasdaq.
Financial, retail and healthcare stocks also showed significant moves to the downside, while gold stocks bucked the downtrend amid a sharp increase by the price of the precious metal.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Friday. Japan's Nikkei 225 Index fell by 0.4 percent, while China's Shanghai Composite Index climbed by 0.6 percent.
Meanwhile, most European stocks moved to the downside on the day. The German DAX Index slumped by 1.4 percent, the French CAC 40 Index slid by 0.9 percent and the U.K.'s FTSE 100 Index edged down by 0.1 percent.
In the bond market, treasuries regained ground after an early slump but still closed in the red. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose 2.4 basis points to an eight-month closing high of 4.440 percent after reaching a high of 4.484 percent.
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