US stocks and bonds fell, oil prices rose and gold had its worst week in four decades as the Iran war continues to ripple through financial markets.
The Russell 2000, an index of smaller companies more sensitive to interest rates, fell 2.26% Friday and closed in correction territory, down 10.3% from its January peak. A “correction” is a Wall Street term for when a stock or index falls 10% or more from its most recent peak.
The Dow fell 444 points, or 0.96%. The S&P 500 fell 1.51%, and the tech-heavy Nasdaq slumped 2.01%. Wall Street’s fear gauge, the VIX, surged 11%.
The Nasdaq during trading dipped into correction territory before paring some losses heading into the closing bell. The Nasdaq is down 9.65% from its peak in late October, putting the index on the verge of a correction. The Dow is down roughly 9.2% from its peak on February 10, and the S&P 500 is down 6.77% from its peak in late January.
The S&P and Nasdaq on Friday each closed at their lowest level since September, erasing six months of gains. The Dow closed at its lowest level since October.
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