Oil prices rose and U.S. stocks fell after American forces struck Iranian rocket launchers on the Strait of Hormuz, marking the first military action in a month.
Brent crude rose 2.7 percent Monday, closing back above $90 a barrel. The S&P 500 fell 0.3 percent, the Dow Jones Industrial Average dropped 374 points, or 0.7 percent, and the Nasdaq slipped 0.1 percent. Still, all three indexes closed with gains for the month of August.
The yield on the 10-year Treasury rose to 4.75 percent, around the level seen two weeks ago when the Trump administration took the unusual step of announcing it would intervene in the bond market.
On Monday:
The S&P 500 fell 25.62 points, or 0.3 percent, to 7,686.14.
The Dow Jones Industrial Average fell 374.09 points, or 0.7 percent, to 53,185.90.
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The Nasdaq composite fell 31.53 points, or 0.1 percent, to 26,370.89.
The Russell 2000 index of smaller companies fell 15.92 points, or 0.5 percent, to 2,956.45.
For the year:
The S&P 500 is up 840.64 points, or 12.3 percent.
The Dow is up 5,122.61 points, or 10.7 percent.
The Nasdaq is up 3,128.90 points, or 13.5 percent.
The Russell 2000 is up 474.54 points, or 19.1 percent.
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