2 weeks ago
Dow Falls 270 Points as Oil Tops $90
On Monday, the stock market in the United States had a bad day.
The Dow Jones, which tracks big companies, lost 270 points.
Other market measures, like the S&P 500 and the Nasdaq, also went down.
The reason was that oil became more expensive, costing more than $90 for one barrel.
Oil prices went up because President Donald Trump said the US might not extend its deal timeline with Iran and even threatened to bomb Oman.
When oil gets expensive, it can make things cost more, so investors get worried.
Because of this worry, people wanted more money for lending, so bond yields went up.
The 30-year bond yield reached its highest level since 2007.
Some computer chip companies, like Micron and Intel, actually did well that day.
Overall, it was a nervous day for money markets around the world.
The Dow Jones fell 270 points on Monday, August 17, while the S&P 500 dropped 0.5% and the Nasdaq Composite lost 0.3%.
Crude oil surged past $90 a barrel after President Donald Trump said he is not interested in extending the MoU timeline with Iran and threatened to bomb Oman.
The 30-year Treasury yield rose to 5.31%, the highest since 2007, while the 10-year yield reached 4.73%.
The Philadelphia Semiconductor Index was the outlier, gaining 1.6% on strength in Micron, SK Hynix-ADRs and Intel.
Canada and Germany also saw 30-year bond yields rise to their highest levels since 2010.
- Who
- US President Donald Trump and US Energy Secretary Chris Wright; Wall Street investors
- What
- US stocks fell as crude oil topped $90 a barrel and bond yields hit multi-year highs
- Where
- Wall Street (US markets), with bond yield rises also seen in Canada and Germany
- When
- Monday, August 17
- Why
- Trump said he is not interested in extending the MoU timeline with Iran and threatened to bomb Oman, pushing oil prices up and bond yields higher
Key facts
- Dow Jones change
- -270 points
- S&P 500 change
- -0.5%
- Nasdaq Composite change
- -0.3%
- Philadelphia Semiconductor Index
- +1.6%
- Brent crude price
- Above $90 per barrel
- 30-year Treasury yield
- 5.31% (highest since 2007)
- 10-year Treasury yield
- 4.73%
- Date
- Monday, August 17
Sources
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