US market closes in correction, Dow Jones below 41,000 pts

The US stock market indices deepened their losses on Thursday amid escalating tensions over tariffs between the US and Europe.

The Dow Jones Industrial Average dropped 1.3%, or 537 points, to settle at 40,813 points.

The S&P 500 index fell 1.4%, or 77 points, to 5,521 points, closing below the 6,144 level hit on Feb. 19.

Similarly, Nasdaq Composite lost 1.95%, or 345 points, to close at 17,303 points.

As for European markets, the STOXX Europe 600 retreated 0.15% to 540.4 points.

The British FTSE index stabilized at 8,542 points, while the French CAC 40 index fell 0.65% to 7,938 points. The German DAX index was also down 0.5% to 22,567 points.

The Nikkei index declined 0.1% to 36,790 points, while the broader Topix index gained 0.15% to 2,698 points.

Brent crude futures for May delivery fell 1.5%, or $1.07, to $69.88 per barrel. The US West Texas Intermediate (WTI) crude futures for April delivery also lost 1.65%, or $1.13, to $66.55 per barrel.

Regarding gold, futures prices for April delivery leapt 1.5%, or $44.5, to $2,991.30 per ounce, the highest ever level.