Finance

This tweet just sent markets spiking higher (USO, OIL)

Stocks are getting crushed. Near 2:30 p.m. EST, the Dow was down more than 400 points and oil broke to a new 12-year low around $26.07 a barrel.

And then: BOOM! Near 2:50 p.m. EST, the Dow was down just 220, the S&P 500 was off 18 points, and the Nasdaq was down 13.

Screen Shot 2016 02 11 at 2.52.25 PMGoogle Finance

And it looks like it all comes from this tweet from Wall Street Journal OPEC correspondent Summer Said:

OPEC is ready to cooperate on a cut, but current prices are already forcing non-opec producers to at least cap output, says UAE Energy min

— Summer Said (@summer_said) February 11, 2016

Right now, financial markets are all about oil prices. And any sign that OPEC — the 13-state cartel led by Saudi Arabia that has been a big part of flooding the market with oil — is going to pull back production to balance the market has the chance to make everything go nuts.

And so here we are.

NOW WATCH: Donald Trump tweeted a wildly inaccurate chart from a fake source

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