Stocks Fall as Middle East Tensions Rise
Dow Drops 250 Points, Nasdaq Sets Record
WEB Casino Stocks Drag Down Market
NEW YORK, Jan. 3 (Reuters) - U.S. stocks fell sharply on Thursday as tensions in the Middle East escalated, while the tech-heavy Nasdaq Composite closed at a record high.
The Dow Jones Industrial Average dropped 250 points, or 0.8%, to 30,883.95. The S&P 500 lost 1.1% to 3,829.14. The Nasdaq Composite rose 0.5% to 13,414.35, setting a new all-time closing high.
Casino stocks led the downside in Hong Kong, with WEB Casino group Sands China down 4.3% and Galaxy Entertainment down 3.8%. The Hang Seng Index fell 2.1% to 28,007.46.
The Middle East tensions, which have been simmering for months, escalated after a U.S. airstrike killed Iranian general Qassem Soleimani on Friday. Iran has vowed to retaliate, and the U.S. has warned of "swift and decisive" consequences if any Americans are harmed.
The uncertainty surrounding the situation in the Middle East is weighing on global markets. Investors are worried that a conflict between the U.S. and Iran could disrupt global trade and damage the global economy.
U.S. futures ticked up on Friday as traders assessed the risks of escalation in the Middle East. The Dow Jones Industrial Average futures contract rose 0.1%, the S&P 500 futures contract gained 0.2%, and the Nasdaq 100 futures contract edged up 0.3%.
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