US stocks fell after the Consumer Price Index jumped 7.9% cementing inflation concerns.
The Dow Jones Industrial Average fell over 300 points or 1%, while the S&P 500 and Nasdaq Composite dipped by about 1%.
|I: DJI||DOW JONES AVERAGES||33133.19||-153.06||-0.46%|
|I: COMP||NASDAQ COMPOSITE INDEX||13128.806702||-126.74||-0.96%|
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Soaring US inflation remains an overhang for Americans. February’s CPI hit 7.9% year-over-year, amid strong consumer demand and lingering pandemic-related supply chain woes. Energy prices drove a bulk of the increases.
The Labor Department reported new weekly claims for unemployment benefits were 227,000 slightly higher than estimates. Continuing claims, which track the total number of unemployed workers collecting benefits, rose to 1,490 million.
The price of oil resumed its move higher after a sharp drop on Wednesday with US crude hovering around $ 109 per barrel.
|USO||UNITED STATES OIL FUND LP||75.47||-9.96||-11.66%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||31.09||-0.14||-0.46%|
|UGA||UNITED STATES GASOLINE FUND LP PARTNERSHIP UNITS||56.07||-2.24||-3.84%|
Gas prices climbed to a fresh record $ 4.31 per gallon.
In stocks, Amazon in focus after announcing a 20-for-1 stock split becoming the second large tech company after Google to split their stock.
|AMZN||AMAZON.COM INC.||2,785.58||+65.29||+ 2.40%|
|GOOGL||ALPHABET INC.||2,668.40||+126.31||+ 4.97%|
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Bitcoin traded around $ 39,000.
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FOX Business’s Ken Martin and The Associated Press contributed to this report.