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Stock market sees sharp decline as Tesla and health sectors plummet, oil prices surge by 450 points

On Tuesday, the Dow Jones Industrial Average experienced a significant drop of 450 points or about 1.1%. The S&P 500 and the Nasdaq also saw declines of 1% and 1.5% respectively. The crypto market was also down, with Bitcoin dropping below $65,000. In other news, oil prices reached their highest level since October due to tensions in the Middle East and a Ukrainian drone strike on a major Russian oil refinery. Brent crude jumped to $89 per barrel, while West Texas Intermediate crude reached $85 per barrel. This rise in oil prices is significant and may have implications for the market.

Health insurance companies such as Humana, CVS Health, UnitedHealth, and Elevance Health saw their stock prices drop after federal regulators did not raise payments for Medicare plans as expected. Humana stock fell by 14%, CVS Health dropped by 8.5%, and UnitedHealth dipped by 6.8%. In addition to this news, Tesla delivered fewer electric vehicles than expected in the first three months of 2024 causing its stock price to drop almost 6%. This decline marks a more than 33% decline in Tesla’s shares this year, making it the worst performer in the S&P 500.

On top of these developments, the yield on the 10-year Treasury note rose to its highest level so far this year on Tuesday at 4.386%, surpassing February’s high of 4

By Samantha Jones

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