U.S. stocks close lower Wednesday amid a sharp rise in oil prices and inflation worries

All three major U.S. stock benchmarks closed lower Wednesday amid a sharp rise in oil prices as the Russia-Ukraine war pressed on for about a month. The Dow Jones Industrial Average and Nasdaq Composite each closed around 1.3% lower, while the S&P 500 fell 1.2%, according to preliminary FactSet data. While most of the S&P 500’s 11 sectors booked losses, energy booked sharp gains and utilities saw a modest rise, FactSet data show. In oil prices, West Texas Intermediate crude for May delivery rose 5.2% to settle at $114.93 a barrel. Investors also continued to weigh hawkish comments from Federal Reserve officials this week, including remarks Wednesday from Cleveland Fed President Loretta Mester, who said the Fed may need to do “some” 50 basis point rate hikes this year to combat high inflation.

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