Stocks tumble, oil hits $107 on Ukraine, Russia tensions

Kroger and Best Buy are the latest retailers to boost 2022 forecasts.

U.S. stocks closed lower across the board as oil prices remained elevated amid Russia Ukraine developments. Investors also eyed Federal Reserve Chairman Jerome Powell who reiterated plans for a March rate hike. 

The Dow Jones Industrial Average fell about 100 points or 0.3%, giving up a 200 point advance, while the S&P 500 and Nasdaq Composite closed down 0.5% and 1.6%. 

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%

Powell said he supports a traditional rate hike of 0.25 percentage points instead of the bigger rise recommended by some policymakers. Powell also said the impact on the U.S. economy of Russia's attack is "highly uncertain."

RUSSIA INVADES UKRAINE: LIVE UPDATES

Oil prices continued to rally as shipping and supply concerns continue due to Russia's invasion of Ukraine.

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND - USD ACC 71.61 -0.11 -0.15%
BNO UNITED STATES BRENT OIL FUND - USD ACC 29.00 +0.04 +0.14%

U.S. crude hit $113.06 per barrel, before closing at $107.67. Brent, the global benchmark, closed at $110.46. As a result, major oil companies remain in focus.

FED'S POWELL TO PROPOSE 25 BPS RATE INCREASE AT MARCH MEETING

Ticker Security Last Change Change %
XOM EXXON MOBIL CORP. 117.83 -0.23 -0.19%
CVX CHEVRON CORP. 162.21 +0.28 +0.17%
OXY OCCIDENTAL PETROLEUM CORP. 50.42 -0.16 -0.32%

AG URGES BIDEN TO TAKE STEPS TOWARDS ENERGY INDEPENDENCE AS OIL PRICES SOAR

In stocks, Kroger shares rose after reporting better-than-expected earnings as well as lifting its forecast. 

Ticker Security Last Change Change %
KR THE KROGER CO. 59.22 +0.64 +1.09%

Best Buy also delivered better than expected results and a forecast sending shares higher. 

Ticker Security Last Change Change %
BBY BEST BUY CO. INC. 89.56 +3.04 +3.51%

Automakers remain in focus after Ford Motor Co. said it was accelerating its transformation into an electric-vehicle company and separated its EV and internal combustion operations to tackle Tesla directly. 

Ticker Security Last Change Change %
F FORD MOTOR CO. 10.98 -0.15 -1.35%
TSLA TESLA INC. 357.09 +11.93 +3.46%
GM GENERAL MOTORS CO. 55.04 -0.55 -0.99%

In economic news, the Labor Department reported weekly jobless claims were 215,00, down slightly from 232,000 the previous week. Continuing claims, which track the total number of unemployed workers collecting benefits, were little changed, down to 1.476 million, holding below pre-pandemic levels.

EMPLOYERS ADD 475,000 JOBS IN FEBRUARY: ADP

The big report of the month comes on Friday when the government releases the February jobs report. The U.S. economy is estimated to have added 400,000 new nonfarm jobs.

hiring sign Richmond Virginia

A "Now Hiring" sign at a business in Richmond, Virginia. (AP Photo/Steve Helber / AP Newsroom)

Bitcoin traded in a range of $42,000 to $43,000.

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FOX Business' Ken Martin and The Associated Press contributed to this report.