US stocks were down with the S&P struggling to break even for 2015 after Saudi Arabia and its allies launched Air strikes on Yemen.
The Dow Jones Industrial Average was down 77.98 points or 0.44% to 17,640.96 points after having briefly turned positive during midday trading. The Index had spent most of the morning rebounding after sharp losses on the opening bell.
The Blue chip index is now more than 100 points in the red for 2015 after a turbulent few months at the beginning of the year.
The S&P 500 Index lost 8.69 points or 0.42% to 2,052.36 points to barely break even on the year. The benchmark index is now 2.3% down this week after the Tuesday’s market selloff on weak economic data.
The Nasdaq Composite slipped 26.55 points or 0.54% to 4,849.77. The technology-heavy index has now dropped more than 150 points after closing Friday within 20 points of its all time closing record set in 2000.
According to the Wall Street Journal, US stocks have slipped everyday this week on disappointing economic data, reports of weakening in earnings growth and the instability in the Middle East.
Oil prices edged up with both Brent crude, the global benchmark, and West Texas Intermediate crude recording marked price increases after War jets from Saudi Arabia and its allies struck Muslim rebels seeking to oust Yemen’s president.
“The reason the markets are finally paying attention to what is going on there is because Saudi Arabia is coming up against Iran and the outcome is absolutely uncertain at this point in time,” Keith Bliss, senior vice-president at Cuttone & Co in New York, told Reuters.
“If we are now back to including geopolitics in our overall calculus about market moves, and not just monetary policy, then it is going to get a lot more difficult to do and you can expect some outsized volatility as a result.”
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