New york: The Dow Jones Industrial Average, the largest U.S. stock index, closed sharply lower on Monday, falling 557 points to 48,941, representing a 1.13% decline. Other major indices followed the downward trend. The tech-heavy Nasdaq Composite dropped 46 points to end the session at 25,067, while the S and P 500 fell approximately 29 points to close at 7,200.
According to Jordan News Agency, the sell-off in equities coincided with a significant spike in energy costs. West Texas Intermediate (WTI), the U.S. oil benchmark, rose roughly $3 to reach $105.28 per barrel. Market analysts noted that the simultaneous decline in stocks and rise in crude prices reflect growing investor concern over inflationary pressures and geopolitical instability impacting global energy supplies.