HONG KONG — Asia stocks pulled back on Monday as worries about potentially escalating tensions in the Middle East rattled financial markets, pushing investors to look for safer places for their money.late Saturday marked the first time Iran had ever launched a military assault on Israel, despite decades of enmity dating back to the country’s 1979 Islamic Revolution.
The S&P 500 sank 1.5% on Friday to 5,123.41, closing out its worst week since October, when a huge rally on Wall Street began. The Dow Jones Industrial Average dropped 1.2% to 37,983.24, and the Nasdaq composite fell 1.6% from its record set the day before to 16,175.09.JPMorgan Chase was one of the heaviest weights on the market and sank 6.5% despite reporting stronger profit for the first three months of the year than analysts expected.
At the same time, Treasury yields in the bond market sank and the price of gold rose, which is typical when investors are herding into investments seen as safer.Adding to the nervousness was a preliminary report suggesting sentiment among U.S. consumers is sinking. It's an important update because spending by U.S. consumers is the main engine of the economy.
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