LIVE MARKETS-Wall Steet stumbles as Iran war rages on

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WALL STREET STUMBLES AS IRAN WAR RAGES ON

U.S. stocks slid on Thursday on dashed hopes for a quick end to the maelstrom of uncertainties arising from the six-day-old U.S.-Israel war on Iran.

All three major U.S. stock indexes ended sharply lower, although well off session lows. Among the three, the Dow bore the brunt of it, tanking 1.6%, while the small-cap Russell 2000 .RUT suffered a steeper, 1.9% loss.

The Dow Jones Industrial Average .DJI fell 785.59 points, or 1.61%, to 47,953.82, the S&P 500 .SPX lost 38.98 points, or 0.57%, to 6,830.53 and the Nasdaq Composite .IXIC lost 58.50 points, or 0.26%, to 22,748.99.

The selloff dragged the S&P 500 below its 100-day moving average for the second time in three days.

News of the war's escalation, along with U.S. President Trump's rejection of Iran's chosen successor to Supreme Leader Ayatollah Khamenei, did little to assuage fears of a protracted ordeal.

Three of the 11 major sectors of the S&P 500 managed to survive the ordeal with gains. Energy stocks .SPNY gained 0.6% with a generous boost from surging crude prices as the spreading conflict prompted mounting worries over global oil supply. Tech .SPLRCT and consumer discretionary .SPLRCD were the other gainers, rising 0.4% and 0.3%, respectively.

Airlines .SPCOMAIR, Dow transports .DJT, aerospace/defense .SPCOMAED, housing .HGX and consumer staples .SPLRCS were the clear underperformers.

Hotels/restaurants/cruises .SPCOMHOTL, software & services .SPLRCIS, and retail .SPXRT scraped by with gains.

On the economics front, jobless claims were subdued, layoffs subsided, Q4 labor costs and productivity growth surprised to the upside and import prices delivered the expected 0.2% monthly gain.

On Friday, the Labor Department's February jobs report and January retail sales data from the Commerce Department might provide some distraction.

Whether that distraction is welcome or a downer remains to be seen.

Here's your closing snapshot:

(Stephen Culp)

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