By Market Pulse: Nasdaq Composite skids 1%, and S&P 500, Dow finish lower as inflation carves out fresh 40-year high
U.S. stocks closed lower Thursday, as investors weighed surging U.S. consumer price inflation and stalled Russia-Ukraine negotiations.
On top of that, a reading of inflation came in at its highest level in about 40-years, underscoring the surge in prices in everything from dry commodities to crude oil
CL.1,
-2.46%.
The Dow Jones Industrial Average
DJIA,
-0.34%
closed down 0.3%, S&P 500 index
SPX,
-0.43%
closed down 0.4% and the Nasdaq Composite Index
COMP,
-0.95%
ended the session off by about 1%.
U.S. February consumer prices rose to 7.9%, a 40-year high, with some seeing more inflation to come due to the Russia-Ukraine war. In other data, weekly U.S. jobless benefit claims edged up 11,000 to 227,000.
