US Stocks Plunge as Oil Prices Soar Above $100

The US stock market took a hit on Wednesday as oil prices surged above $100 per barrel for the first time since July. The Dow Jones Industrial Average plummeted 288 points, while the S&P 500 and Nasdaq Composite declined 0.25% and 0.42%, respectively.

The rise in oil prices is raising concerns about inflation and its impact on the Federal Reserve's interest-rate path. Brent crude broke above the $100-a-barrel mark, extending gains from the previous session when rising energy prices contributed to losses across major US stock indexes.

Higher oil prices have pushed Treasury yields higher as investors assess the potential inflationary impact of more expensive energy. The 10-year Treasury yield briefly moved above 4.8% on Tuesday.