The Dow Jones Industrial Average is short its own war
The Dow Jones Industrial Average trades near 53,250, roughly 300 points lower on the session, after American forces struck two Iranian rocket launchers on Larak Island and Tehran answered with attacks on bases in Jordan and assets in the United Arab Emirates.
The Dow Jones Industrial Average closed at approximately 53,300 points, a slight decline of around 0.5%, following American forces' strikes on two Iranian rocket launchers on Larak Island and Iran's retaliatory missile and drone attacks on bases in Jordan and the United Arab Emirates. The index began the day just below 53,500, briefly rose above that level, then fell to the 53,100 area before recovering by around 150 points before the close.
Crude Oil prices surged by more than 2% on the exchange, while Brent Oil held above $90.00, shaping the index's usual pattern amidst the war-related news. Chevron, the sole energy producer among the thirty stocks, was one of the few names to end the day higher, while other major names like Goldman Sachs and Alphabet contributed to the majority of the losses.
The index finished August up 1.4%, marking its fifth consecutive monthly gain, and on August 5, it hit a record high near 54,750, a surge of over 4% in three sessions. Since then, the index has seen lower highs and no bounce.
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