Reuters – Wall Street’s major indexes fell from record highs on Friday after a U.S. air strike in Iraq killed a top Iranian commander, sharply escalating geopolitical tensions in the Middle East and sending investors scurrying to safe-haven assets.
Iran vowed revenge after Qassem Soleimani, head of its elite Quds Force, was killed in the air strike that was authorized by President Donald Trump.
Benchmark bond yields fell to their lowest level since Dec. 12, dragging down bank shares, including those of Bank of America Corp and Citigroup Inc. Nine of the 11 major S&P 500 sectors were in the red.
“The market is just on edge and giving up a large portion of yesterday’s gains,” said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in New York.
“There is a question of what this (air strike) is going to turn into and if it’s going to be something long lasting.”
