Dow drops 1.8% as global stocks slide, oil leaps as Iran war intensifies

A sell-off for stocks is slamming Wall Street after careening from Europe and Asia, and oil prices are leaping even higher as rise that the war with Iran is widening and may do more sustained damage to the economy than feared.

The S&P 500 dropped 1.6 per cent in early trading on Tuesday. The Dow Jones Industrial Average sank 880 points, or 1.8 per cent , and the Nasdaq composite lost 1.8 per cent. 

Crude oil prices jumped more than 8 per cent as Iran struck the US Embassy in Saudi Arabia, part of a widening of targets that’s also including areas critical to the world’s oil and natural gas production. Treasury yields rose.

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