March 7, 2022

March 7, 2022

Stocks extended declines today and oil prices soared as investors nervously considered the potential for even higher inflation and greater global economic damage from Russia’s war in Ukraine and sanctions that have ensued.

 

Dow Jones finished -797 at 32,817

S&P 500 finished -128 at 4,201

NASDAQ finished -482 at 12,830

 

The 10 Year Treasury closed up 6 basis points yielding 1.78%

Oil prices closed up $4.45 ending at $120.13 a barrel.

Gold prices closed up $35.00 ending at $2,001 an ounce.

 

In the days’ stock news:

 

  • Visa and Mastercard closed after the U.S. payments companies said they were suspending operations in Russia over the weekend. Visa’s stock declined 4.8%. Mastercard fell 5.4%.
  • DraftKings closed down 11.8% after Argus downgraded DraftKings to hold from buy. The investment firm said in a note that DraftKings would see slowing revenue growth this year as fewer new states would legalize sports gambling.

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