Oil Tops $102 as New York Stocks Fall for Fourth Straight Day

The New York stock market fell for the fourth consecutive day as oil prices surged past $100 per barrel and U.S. Treasury yields approached 5%.

The Dow Jones Industrial Average dropped 316.56 points (0.60%) to close at 52,064.10 on Thursday, while the S&P 500 fell 44.66 points (0.58%) to 7,591.70 and the Nasdaq Composite dropped 171.62 points (0.65%) to 26,081.72.

The rally in crude oil prices was driven by growing anxiety over a potential disruption of supply due to the prolonged U.S.-Iran war, as well as rising producer prices.

The 10-year Treasury yield climbed above 4.95% intraday and the 30-year yield rose to its highest settlement since June 29, 2004, at 5.360%.