Stocks wrapped up a volatile week on Wall Street with more losses. The Dow shed 503 points on Friday after the White House warned Russia could invade Ukraine during the Olympics. A red-hot consumer price index (CPI) continued to weigh on the markets as well, as did worse-than-expected preliminary consumer sentiment data for February out of the University of Michigan. In turn, the S&P 500 and Nasdaq fell sharply, with all three major benchmarks logging weekly losses as well. Meanwhile, the Cboe Volatility Index (VIX) settled at its highest level this month and logged a weekly win to boot.
The Dow Jones Average (DJI - 34,738.06) fell 503.5 points, or 1.4% for the day, and 1% for the week. Chevron (CVX) led the gainers with a 2% pop, while Salesforce.com (CRM) paced the laggards with a 4.5% drop.
The S&P 500 Index (SPX - 4,418.64) shed 85.4 points, or 1.9% for the day, and 1.8% for the week. Meanwhile, the Nasdaq Composite (IXIC - 13,791.15) lost 394.5 points, or 2.8% for today's session, and 2.2% for the week.
Lastly, the Cboe Volatility Index (VIX - 27.36) added roughly 3.5 points, or 14.4% for the day, and 17.9% for the week.
OIL SETTLES AT 7-YEAR HIGHS AMID RUSSIA-UKRAINE TENSIONS
Oil prices closed at a seven-year high on Friday, after the White House warned that Russia's invasion of Ukraine could be coming. In turn, March-dated crude rose $3.22 cents, or 3.6%, to settle at $93.10 per barrel for the day, and 0.9% higher on the week.
Meanwhile, gold prices edged higher to score a 1.9% weekly win, as well as their sixth-straight gain. Higher inflation continued to provide support for the yellow metal, though fears that Russia may invade Ukraine drove investors to the safe-haven commodity as well. In turn, April-dated gold added $4.70, or 0.3%, to close at $1,842.10 per ounce.
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