The Dow Jones industrial average closed down 259 points Wednesday, rallying from its 560-point plunge earlier in the day. The S&P ended the day down 1.19 percent after a 3.7 percent plummet in the day, and the Nasdaq also made a comeback, closing down .11 percent after dropping nearly 4 percent earlier.
The stock market's plummet follows the continuing decline of oil prices, which have now reached their lowest levels in over 12 years and are expected to continue falling following the lifting of sanctions on Iranian crude oil exports. At the close Wednesday, crude oil prices had tumbled to $26.55 a barrel.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
'The answer isn't to shake faith in the dollar'Instant Opinion Opinion, comment and editorials of the day
-
Dutch government falls over immigration policyspeed read The government collapsed after anti-immigration politician Geert Wilders quit the right-wing coalition
-
The Week Junior Book Awards 2025 Shortlist AnnouncedThe Week Junior Book Awards have unveiled the 2025 shortlist, celebrating the best in children’s literature across 13 categories.
-
Crypto firm Coinbase hacked, faces SEC scrutinySpeed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress codespeed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff displaySpeed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
