Stocks ended lower Tuesday as escalating Middle East tensions lifted oil prices and kept investors on edge. West Texas Intermediate (WTI) crude rose for the sixth straight session, marking its longest rally since a seven-day streak in March. The Dow dropped 628 points, while the S&P 500 and Nasdaq finished firmly in the red as well. Interestingly, this marks a full decade of post-Labor Day losses for the S&P 500 and Dow.
WTI Pushes Above $93
Oil prices climbed after Iran-backed militants in Yemen targeted several energy facilities in Saudi Arabia. Front-month WTI crude rose 1.7% to settle at $93.03 a barrel for its sixth-straight gain.
Gold finished lower as the jump in oil prices renewed inflation concerns and raised expectations for a September Federal Reserve rate hike. December gold futures fell 2.4% to close at $4,431.00 per ounce.
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