Djia
Why it is trending in America today
Dow falls more than 600 points as oil tops $100 a barrel
The Dow Jones Industrial Average is trending after it fell sharply on Friday, closing down 1.23 percent at 52,215.16. Sellers pushed the index lower as technology shares weakened and oil prices rose above $100 a barrel.
The background
NEW YORK, Oct. 24 — The Dow dropped 652.82 points on Friday. The fall followed a sell-off in technology stocks the day before. Investors also moved money out of economically sensitive shares, and stocks tied to the build-out of artificial intelligence data centers came under pressure.
Oil added to the pressure. West Texas Intermediate crude settled at $103.27 a barrel, and Brent ended at $116.72, its highest settle since April. Traders feared the U.S.-Iran conflict could flare up again, after reports that the United States and Israel might be planning renewed strikes on Iran. Caterpillar, a Dow component, also fell about 2 percent, and American Express dropped more than 3 percent after announcing plans to cut about 5 percent of its global workforce.
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Key facts
- The Dow closed Friday at 52,215.16, down 652.82 points, or 1.23 percent.
- The S&P 500 fell 0.52 percent to 7,623.68.
- The Nasdaq Composite fell 0.21 percent to 25,955.34.
- West Texas Intermediate crude settled at $103.27 a barrel, up 3.8 percent.
- Caterpillar, a Dow stock, was down nearly 40 percent from its June record.
What we don't know yet
Sources do not say whether the decline will continue in the coming sessions.
Explained
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Trend data
Djia started trending in the US on Oct 24, 6:10 AM EDT, reaching about 5K+ Google searches. 5 news outlets covered it in our feed, including MarketWatch, CNBC, Bloomberg. The earliest report we found came from MarketWatch at Oct 22, 1:16 PM EDT. This topic has trended on 2 different days.