U.S. stocks fell from their record heights, while oil prices jumped following escalations in the Middle East that may undermine the ceasefire in the war with Iran.
The S&P 500 fell 0.4 percent Monday, coming off its latest all-time high. The Dow Jones Industrial Average dropped 1.1 percent, and the Nasdaq composite slipped 0.2 percent.
Stocks turned lower after the United Arab Emirates, a U.S. ally, said it came under attack by Iran for the first time since the ceasefire took hold in early April. The attacks appeared to be in response to President Donald Trump’s latest efforts to reopen the Strait of Hormuz.
On Monday:
The S&P 500 fell 29.37 points, or 0.4 percent, to 7,200.75.
The Dow Jones Industrial Average fell 557.37 points, or 1.1 percent, to 48,941.90.
The Nasdaq composite fell 46.64 points, or 0.2 percent, to 25,067.80.
The Russell 2000 index of smaller companies fell 16.83 points, or 0.6 percent to 2,796.00.
For the year:
The S&P 500 is up 355.25 points, or 5.2 percent.
The Dow is up 878.61 points, or 1.8 percent.
The Nasdaq is up 1,825.81 points, or 7.9 percent.
The Russell 2000 is up 314.09 points, or 12.7 percent.
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