Dow falls for fifth week as stocks slide, oil hits $109
National gas prices hit $4.33, a new record: AAA
U.S. stocks ended the session lower in what was a volatile week as investors jostled with rising inflation and the ongoing Russia-Ukraine conflict.
The Dow Jones Industrial Average fell 230 points or 0.7%, while the S&P 500 lost 1.3% and the Nasdaq Composite 2.9%.
All three of the major averages retreated for the week, pushing the Dow to its fifth straight week of declines.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
MCD | MCDONALD'S CORP. | 292.44 | -1.80 | -0.61% |
CAT | CATERPILLAR INC. | 402.51 | -3.60 | -0.89% |
DOW | DOW INC. | 44.38 | +0.17 | +0.38% |
President Biden called for an end to normal trade relations with Russia that will allow for increased tariffs on imports from the country in addition to the crushing sanctions already imposed as a consequence of Russia's invasion of Ukraine.
RUSSIA INVADES UKRAINE: LIVE UPDATES
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
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Inflation remains an overhang for investors after consumer prices jumped 7.9% in February from a year earlier. It's the sharpest spike since 1982.
Gas prices ticked to a fresh record of $4.33, per AAA.
US BARRELING TOWARD RECESSION, EXPERTS SAY, AS INFLATION HITS 40-YEAR-HIGH
Oil prices dipped for the week but remain elevated, with U.S. crude closing at $109 per barrel and Brent crude, the global benchmark, $112.
In stock news, Oracle dipped after third-quarter profits of $1.13 per share fell short of expectations. Revenue rose to $10.5 billion. Salesforce and Microsoft got a nod from Piper Jaffray as preferred cloud investments, SeekingAlpha reported.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
ORCL | ORACLE CORP. | 184.84 | +2.14 | +1.17% |
CRM | SALESFORCE INC. | 329.99 | -0.02 | -0.01% |
DocuSign shares also tumbled after its first quarter revenue forecast of $584 million was below the $594 million expected as the pandemic winds down.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
DOCU | DOCUSIGN INC. | 80.26 | +0.57 | +0.72% |
Rivian shares fell after the electric vehicle maker said challenges will persist this year. "Our path to EV leadership won’t be easy. In the immediate term, we are not immune to the supply chain issues that have challenged the entire industry. Those issues, which we believe will continue through at least 2022, have added a layer of complexity to our production ramp-up. We are working diligently and collaboratively with suppliers to identify and head off problems or constraints as quickly as possible," the company disclosed.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
RIVN | RIVIAN AUTOMOTIVE INC. | 12.22 | +0.67 | +5.80% |
In other auto news, Ford and PG&E are teaming up to strengthen the power grid, which will help enable more cars to help power homes.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
F | FORD MOTOR CO. | 11.10 | 0.00 | 0.00% |
PGE | NO DATA AVAILABLE | - | - | - |
More companies are delivering dividends and buybacks. Colgate-Palmolive’s board authorized the repurchase of up to $5 billion shares that may be made from "time to time," the company said. It also boosted its dividend to 47 cents.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
CL | COLGATE-PALMOLIVE CO. | 94.92 | +0.67 | +0.71% |
KR | THE KROGER CO. | 59.23 | +0.68 | +1.15% |
Meanwhile, Kroger declared a 21-cent dividend.
Bitcoin traded around $39,000.
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FOX Business' Ken Martin and The Associated Press contributed to this report.