The Dow Jones Industrial Average briefly dropped more than 1,000 points after the price of oil spiked to its highest level since the summer of 2024.

The Dow lost as many as 1,160 points Thursday before finishing the day with a drop of 784, or 1.6%. The S&P 500, which is the measure of the U.S. stock market that many more 401(k) accounts follow, fell 0.6%, while the Nasdaq composite lost 0.3%.

Worries are rising that a long-term spike in oil prices because of the war with Iran could exhaust households’ ability to spend, grind down the global economy and push interest rates higher.

On Thursday:

The S&P 500 fell 38.79 points, or 0.6%, to 6,830.71.

The Dow Jones Industrial Average fell 784.67 points, or 1.6%, to 47,954.74.

The Nasdaq composite fell 58.50 points, or 0.3%, to 22,748.99.

The Russell 2000 index of smaller companies fell 50.44 points, or 1.9% to 2,585.57.

For the week:

The S&P 500 is down 48.17 points, or 0.7%.

The Dow is down 1,023.18 points, or 2.1%.

The Nasdaq is up 80.77 points, or 0.4%.

The Russell 2000 is down 46.79 points, or 1.8%.

For the year:

The S&P 500 is down 14.79 points, or 0.2%.

The Dow is down 108.55 points, or 0.2%.

The Nasdaq is down 493 points, or 2.1%.

The Russell 2000 is up 103.67 points, or 4.2%.