It was updated on Mar 4, 2022, 04:41pm.
Despite a solid February jobs report, the stock market fell once again Friday as surging oil prices continued to weigh on the market.
A strong jobs report wasn't enough to save the stock market.
The S&P 500 lost 0.8% and the tech-laden Nasdaq gained 1.7% as the week ended.
On Friday, the US benchmark West Texas Intermediate crude rose to over $115 per barrel, while the global benchmark rose to nearly $119 per barrel.
The US economy added back 678,000 jobs in February and the unemployment rate fell, but markets failed to rally.
Russian troops attacked and seized the nuclear power plant in Zaporizhzhia, one of the largest in Europe, with reports of a fire breaking out during the fighting.
The Russian attack on the power plant was condemned by the U.S. officials asmadness and a war crime.
The U.S. government and its allies continue to ship weapons to Ukraine, and shares of defense companies have risen.
Edward Moya, senior market analyst at Oanda, says that the war in Ukraine will drag down the US economy because of the impact on global growth and inflation.
The bears emerged victorious, which means the bulls haven't won a single week so far. The Federal Reserve Chairman still believes that Russia faces an untenable situation with its decimated economy, despite being relatively positive about the market's prospects in the near-term.
In February, the economy added back 678,000 jobs as the unemployment rate fell to 3.8%.
War stocks are up as the conflict rages on.
The stock market is whipsawed by rate hikes and Russia-Ukraine conflict.
There is a surge in wheat prices amid Russia's invasion of Ukraine.
All Rights Reserved © 2024
