Crude prices jumped on worries about worsening tensions in the Middle East, while U.S. stocks pulled back further from their records.
The S&P 500 edged down by 0.2 percent Thursday. The Dow Jones Industrial Average fell 0.4 percent, and the Nasdaq composite slipped less than 0.1 percent.
The price for a barrel of Brent crude leaped 5 percent and is potentially on track for its biggest weekly gain in nearly two years. It rose after President Joe Biden suggested officials were discussing a possible strike by Israel against Iranian oil facilities, though no move looks imminent. Treasury yields rose following signals the economy remains solid.
On Thursday:
The S&P 500 fell 9.60 points, or 0.2 percent, to 5,699.94.
The Dow Jones Industrial Average fell 184.93 points, or 0.4 percent, to 42,011.59.
The Nasdaq composite fell 6.65 points, or less than 0.1 percent, to 17,918.48.
The Russell 2000 index of smaller companies fell 14.86 points, or 0.7 percent, to 2,180.15.
For the week:
The S&P 500 is down 38.23 points, or 0.7 percent.
The Dow is down 301.41 points, or 0.7 percent.
The Nasdaq is down 201.11 points, or 1.1 percent.
The Russell 2000 is down 44.56 points, or 2 percent.
For the year:
The S&P 500 is up 930.11 points, or 19.5 percent.
The Dow is up 4,322.05 points, or 11.5 percent.
The Nasdaq is up 2,907.12 points, or 19.4 percent.
The Russell 2000 is up 153.07 points, or 7.6 percent.
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