U.S. stocks plummeted on Thursday to their lowest since the war in Iran broke out following Trump administration comments.
The largest daily decline hit as oil prices skyrocketed after President Donald Trump signaled he was turning up the pressure on Iran to accept his terms to end the ongoing war, The New York Times reported.
“We’ll just keep blowing them away, unimpeded,” Trump said during his cabinet meeting, which was the first gathering of his top administration officials since military strikes began.
The drop sank even lower after the meeting, just after the S&P 500 opened lower.
The index slipped 1.7 percent, which was the largest daily drop since January. That set the index now for the fifth straight week of losses — the first time in four years that has happened.
Economic uncertainty, climbing gas prices, and higher interest rates, combined with ongoing negotiations with Iran, had set the market on a downward spiral. The factors were all part of the continued concerns among investors over when the Iran war would end, according to The Times.