ALBAWABA - After Iran launched over 180 ballistic missiles at Israel, which caused oil prices for West Texas Intermediate and Brent to reach their highest levels in over a year according to Yahoo, US stock markets performed solidly lower on Tuesday, one day after reaching an all-time high during the previous trading session.
With a decrease of 173.18 points, or 0.41%, the Dow Jones Industrial Average reached a new low of 42,156.97, while the Nasdaq Composite experienced a decline of 1.53%, eventually reaching 17,910.36, according to CNBC data. The S&P 500 also saw a down of 0.93%, reaching 5,708.75.
After the IOF reported that Iran was firing missiles at Israel, the price of West Texas Intermediate crude oil saw a significant increase. At $73.56 a barrel, Brent crude, which serves as the worldwide benchmark, experienced a 2.6% increase, WSJ reports.
Traders are also becoming more concerned as tensions in the middle east rise, as shown by the fact that the CBOE Volatility Index (VIX), which is often referred to as Wall Street's fear gauge, reached a high of 20 during the day.
Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia said according to Reuters “I hope we don't see further escalation, but if we do see further escalation I could see continued market weakness because we just don't know how far this is going to go,”
