Dow Falls as Iran Tensions Weigh on Traders, Biotech Boosts Amgen
US stocks were mixed on Tuesday as investors weighed a tense signal from Iran. The Dow Jones Industrial Average fell 0.5% to 51,781, while the Nasdaq Composite edged up 0.2%. The S&P 500 was roughly flat.
The sharp message from President Donald Trump at the UN General Assembly added another layer of uncertainty. Trump said a deal with Iran could be possible after the midterm elections, but also warned that the alternative would be to 'annihilate the Islamic Republic.'
Oil prices reflected this push-pull, with US crude prices up slightly and Brent slightly lower.
The Dow's decline was led by Amgen, which rose 3.6% after announcing positive trial results for its treatment of Sjogren's disease. The biotech company's stock price increase highlights the limitations of the Dow as a market benchmark, as it is weighted by share price rather than market value.