The Dow Jones fell nearly 800 points Thursday afternoon, closing at 47,954, as signs are starting to emerge that the war with Iran could widen out to more countries and be around for a while. It had been down by more than 1,100 points, but bounced back in the last half hour. 

The Dow declined about 785 points, or 1.6%. The S&P 500 fell 0.6%, while the Nasdaq dropped 0.3%, according to CNBC.

Oil prices topped $80 a barrel.

“We’ve seen no signs of de-escalation yet, and oil prices are continuing to move higher,” Jim Reid, global head of macro research at Deutsche Bank, said in a note.