Commodities
U.S. Stocks Plummet as Oil Prices Surpass $100 Amid Iran Tensions
U.S. stocks closed lower on Wednesday as global crude oil prices surged past $100 per barrel following an escalation in U.S.-Iran hostilities.
The Dow Jones Industrial Average fell by 405.41 points, or 0.77 percent, to 52,380.66, while the S&P 500 sank 37.16 points, or 0.48 percent, to 7,636.36.
The rise in energy costs added to market anxieties ahead of the Federal Reserve's policy meeting next week, with traders pricing in a roughly 60% probability of a 25-basis-point interest rate hike to combat lingering price pressures.