US stocks fall, record 2% weekly losses

US stock indices declined on Friday, marking the fourth consecutive weekly loss amid ongoing US-Israeli tensions with Iran, which heightened concerns over inflation and potential interest rate hikes.

Dow Jones fell 443 points (0.96%) to 45,577, ending the week down 2.1%, marking its longest weekly losing streak since 2023.

S&P 500 dropped 100 points (1.5%) to 6,506. Nasdaq Composite declined 443 points (2%) to 21,647, with both indices down about 2% for the week.

Russell 2000, tracking small-cap companies, fell over 2%, entering correction territory—10% below its record high of 2,718 points reached on Jan. 22.

European markets also fell. Stoxx Europe 600 was down 1.8% to 573, weekly decline of 3.8%. France's CAC 40 also dropped 1.8% to 7,665. Germany's DAX fell 2% to 22,380. UK's FTSE 100 went down 1.45% to 9,917.

In Japan, markets were closed on Friday for the Vernal Equinox holiday.

As for commodities, Brent crude rose $3.54 (3.25%) to $112.19/barrel, the highest settlement since July 2022, with weekly gains of 8.75%.

US crude (April delivery) increased $2.18 (2.25%) to $98.32/barrel, reducing weekly losses to 0.4%.

Gold (April delivery) fell $30.80 (0.65%) to $4,574.90/oz, declining about 9.5% for the week, its largest weekly drop since September 2011.