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Oil prices jump and stocks slide on escalating US-Iran tensions

Adam Samson in London, Alice Woodhouse in Hong Kong and Matthew Rocco in New York

US stocks dropped as the S&P 500 slid 0.7 per cent — though better than a fall of 1.1 per cent in early morning trading. The Dow Jones Industrial Average and Nasdaq Composite also clawed back a portion of their losses in afternoon trading and were each down 0.8 per cent.