U.S. stocks closed lower amid surging oil prices and weaker-than-expected jobs data. The Dow Jones Industrial Average dropped 453.19 points, or 0.95%, to finish at 47,501.55. The S&P 500 fell 90.69 points, down 1.33%, settling at 6,740.02. The Nasdaq Composite declined 361.31 points, a 1.59% drop, ending at 22,387.68.
Oil Prices Record Steep Weekly Gain
West Texas Intermediate (WTI) crude for April delivery jumped 12.21% to $90.90 per barrel, driven by fears of a blockade in the Strait of Hormuz. This marked a 35.63% weekly increase, the largest since futures trading began in 1983. The surge reflects concerns over potential disruptions to gasoline supplies.
Jobs Data Undershoots Expectations
The U.S. Labor Department reported that February nonfarm payrolls decreased by 92,000 from the previous month. This figure significantly missed economist forecasts of a 50,000 decline, fueling market unease and contributing to the broader sell-off.
