Market Indexes Tumble on Geopolitical Tensions and Chip Stock Selloff
The Dow dropped over 900 points as Iran tensions pushed oil prices sharply higher. Semiconductor stocks extended their brutal weekly decline.
Overview
Well, so much for that brief moment of Middle East calm.
U.S. stocks fell sharply in midday trading Wednesday as geopolitical tensions reignited and investors positioned ahead of the Federal Reserve's 2:00 p.m. ET policy decision. The Dow Jones Industrial Average (DJINDICES: ^DJI) is down 1.7% at mid-day, led lower by Caterpillar (NYSE: CAT) dropping 7.3% and Goldman Sachs (NYSE: GS) falling 4.6% on macroeconomic concerns. The S&P 500 (SNPINDEX: ^GSPC) has shed 1%, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) is down by 1.3%.
Details
All three indexes opened in the red, made a half-hearted attempt at stabilization around 11 a.m. ET, then gave up and slid lower again.
Source
Originally published at www.fool.com.