Geopolitical shock hits markets | Will surging oil prices end bull run? | Trump says does not seek war

Stocks slid and oil prices surged on Friday following news of an airstrike that killed an Iranian general.

VIEW IN BROWSER | SUBSCRIBE FRI, JAN 03, 2020 EVENING BRIEF AS OF FRI, JAN 03, 2020 • 04:09 ET DJIA 28634.88 -0.81% -233.92 S&P 500 3234.85 -0.71% -23.00 NASDAQ 9020.77 -0.79% -71.42   Most Active 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% EDITOR'S NOTE 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."    Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.   Al Lewis | CNBC Markets Editor @tellittoal TOP NEWS  Dow drops the most in a month after US airstrike on Iran's top military leader spooks investors Here's what typically happens to the financial markets after major Middle East crisis events Oil prices surge after US kills Iran's top commander in airstrike, Brent crude nears $70 a barrel Spiking oil prices have led to recessions in the past, and that's why the stock market is on edge Even this oil spike can't lift the worst performing sector of the last decade Trump says US does not seek war or regime change in Iran Sales of Manhattan's priciest apartments plunge almost 40% in fourth quarter Some Fed members worried that keeping rates low would encourage too much risk-taking, minutes show Private equity's record $1.5 trillion cash pile comes with a new set of challenges Airline stocks tumble as oil prices soar on US airstrike that killed Iran's top general     TOP VIDEO Why BMW is losing its top spot to Mercedes-Benz   CNBC PRO Two major analysts just got more bullish on Apple   SPECIAL REPORTS AMD just hit its first record high in two decades. Here's what's next Retail wreck rolls on, but these names could hedge against weakness   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS