It looks like the rebound stocks staged during Wednesday's session was too good to last, as equity markets gave back some of yesterday's gains after peace talks between Ukraine and Russia failed to make headway. Even further, an alarming inflation reading added to Wall Street's anxieties. The consumer price index (CPI), which measures a wide range of goods and services, hit its highest level in 40 years, topping estimates, thanks to rising food and energy costs. In response, the Dow shed 112 points, while the Nasdaq also saw a triple-digit drop, and the S&P 500 logged a substantial loss as well.
The Dow Jones Average (DJI - 33,174.07) lost 112.2 points, or 0.3% for the day. Chevron (CVX) led the gainers with a 2.7% jump, while Apple (AAPL) paced the losers with a 2.7% drop.
The S&P 500 Index (SPX - 4,259.52) dropped 18.4 points, or 0.4% for the day. Meanwhile, the Nasdaq Composite (IXIC - 13,129.96) rose 125.6 points, or nearly 1% for today's session.
Lastly, the Cboe Market Volatility Index (VIX - 30.23) lost 2.2 points, or 6.8% for the day.
OIL EDGES LOWER WHILE GOLD PRICES SNAP BACK ABOVE $2,000
Oil prices inched lower today, marking their second-straight loss, though the session itself was volatile. Investors are mulling over whether or not their initial concerns over supply constrictions in the face of Russian sanctions were overwrought after Russia promised to fulfill its previous contractual obligations. April-dated crude shed $2.68 or 2.5%, to settle at $106.02 per barrel for the day.
Gold prices, meanwhile, found their footing as anxieties over inflation and the Ukraine-Russia conflict weighed heavily on the equities market, driving traders back toward the "safe haven" commodity. April-dated gold added $12.20, or 0.6%, to finish at $2,000.40 per ounce.
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