Dow closes 400 points down after day of big swings as Iran war pushes up oil prices
Oil prices continue to climb and U.S. stock markets remain uneasy amid the war with Iran. CBS News' Kelly O'Grady has the details.
Last updated: 2026-03-03 23:47:41 ET
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Updated Mar 3, 2026 10:01 PM ET
South Korea's Kospi plunged 7% as Asia-Pacific markets extended a broad selloff tied to the escalating U.S.-Iran conflict. The VIX hit its highest level since November, signaling acute investor anxiety, while Jim Cramer urged retail investors to hold positions rather than panic-sell into the volatility.
Risk-off sentiment is hammering equities globally, with energy stocks and defense names diverging sharply from the broader tape. Trump himself acknowledged the war will push oil prices higher for Americans — a rare admission of economic cost that adds to stagflation concerns already weighing on rate expectations.
A prolonged conflict threatens to reprice the entire macro environment, with energy supply disruption through the Strait of Hormuz the central tail risk. Markets are now pricing in a scenario where the Fed is forced to hold rates even as growth slows.
Oil prices continue to climb and U.S. stock markets remain uneasy amid the war with Iran. CBS News' Kelly O'Grady has the details.
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Investors are recoiling as the war in Iran intensifies, driving up global oil prices. "Global financial markets are in disarray," one Wall Street anal...
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