Oil Price Surge Hits Wall Street

Wall Street's major indices opened lower on Thursday due to a surge in oil prices, which approached $100 a barrel. The rising prices heightened inflation fears and diminished expectations for U.S. interest rate cuts. The Dow Jones, S&P 500, and Nasdaq Composite all experienced declines at the opening.

Wall Street's main indexes saw a downturn at the opening bell on Thursday, led by soaring oil prices nearing $100 a barrel. This surge triggered inflationary concerns and compelled traders to temper their expectations for U.S. interest rate reductions.

The downturn was evident as the Dow Jones Industrial Average plummeted by 174.7 points, marking a 0.37% decrease, bringing it to 47,242.52.

Similarly, the S&P 500 decreased by 34.9 points or 0.52%, settling at 6,740.88. The Nasdaq Composite also experienced a decline, dropping 189.5 points, or 0.83%, to reach 22,526.585.

(With inputs from agencies.)