Crude prices on Friday had the largest one-day spike since a September attack on the world's largest oil processing facility in Saudi Arabia after the U.S. killed Iran's top general in a drone strike.
Last Updated Friday, January 3, 2020 5:07PM ESTLONDON -- Stocks fell broadly on Wall Street and oil prices surged Friday after a U.S. strike killed a top Iranian general in Iraq, raising tensions in the Middle East.
Technology, financial and health care stocks accounted for much of the selling. Companies that rely on consumer spending also fell, along with airlines. Several energy stocks got a boost from higher oil prices. Defence contractors also notched gains. The Nasdaq lost 71.42 points, or 0.8%, to 9,020.77. The Russell 2000 index of smaller company stocks gave up 5.90 points, or 0.4%, to 1,660.87.
But the market's relative calm ended with Friday morning's news that the U.S. had killed Gen. Qassem Soleimani, head of Iran's elite Quds Force, in an air attack at the Baghdad international airport. The heightened geopolitical risk sent oil prices higher Friday. Benchmark U.S. crude climbed $1.87, or 3.1%, to settle at $63.05 per barrel. It had been up 3.6% earlier in the day. Brent crude, used to price international oils, rose $2.35, or 3.5%, to close at $68.60 per barrel.
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