Trump Rejects Iran Proposal, Dow Falls Over 270 Points
U.S.-Iran tensions weighed heavily on Wall Street on Monday, September 28, as all three major indexes declined in early trading. The Dow Jones Industrial Average fell 270.33 points, or 0.52%, to 51,558.29, while the Nasdaq Composite dropped 143.60 points, or 0.53%, to 26,925.12.
The decline came after President Donald Trump announced he had rejected Iran's proposal to reopen the Strait of Hormuz within seven days in exchange for the lifting of a maritime blockade and other conditions. The move dashed hopes for easing tensions between the U.S. and Iran.
WTI crude futures briefly climbed into the $96-per-barrel range in morning trading, up 1.95% from the previous session, as investors grew concerned about elevated oil prices reigniting inflationary pressures.