Stocks slid and oil prices surged on Friday following news of an airstrike that killed an Iranian general.
 | FRI, JAN 03, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 297.43 | -2.92 | -0.97% | | MSFT | 158.62 | -2.00 | -1.25% | | XOM | 70.33 | -0.57 | -0.80% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | GE | 11.97 | +0.04 | +0.34% | | AMD | 48.60 | -0.50 | -1.02% | | BAC | 34.90 | -0.74 | -2.08% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMD | 48.60 | -0.50 | -1.02% | | AAPL | 297.43 | -2.92 | -0.97% | | SIRI | 7.09 | -0.04 | -0.56% | |
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Stocks fell, bond yields dipped and oil surged Friday after a U.S. airstrike in Baghdad killed Iran's top military commander. Iran has promised revenge and the Middle East is now as volatile as ever. CNBC's Jesse Pound took a look at what happens to financial markets following major crises in the Middle East. Predictably, oil posts solid returns, but stocks recover and score returns as well. Oil prices climbed 4% as strategists pondered possible Iranian responses, which could involve another attack on a major oil facility, like the assault on a Saudi oil processing plant last September.
"One of the things that can derail a bull market is a spike in oil prices that can cause a recession," said Paul Hickey, co-founder of Bespoke Investment Group. "When you have higher oil prices, that's going to impact a key cost for a lot of different businesses."
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