Dow Jones drops 300+ points after inflation spikes, oil hits $109

US stocks fell after Consumer Price Index It jumped 7.9% bolstering inflation fears.

The Dow Jones Industrial Average is down more than 300 points, or 1%, while the S&P 500 and Nasdaq Composite are down about 1%.

tape protection the last they change they change %
Me: DJI Dow Jones averages 33052.85 -233.40 -0.70%
SP500 Standard & Poor’s 500 4240 -37.88 -0.89%
I: COMP Nasdaq Composite Index 13066.869546 -188.68 -1.42%

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US height economic inflation It is still a burden on Americans. The consumer price index for February reached 7.9% year-on-year, amid strong consumer demand and continuing supply chain problems linked to the pandemic. Energy prices led most of the increases.

The Ministry of Labor reported new weekly claims for unemployment benefits 227,000 were slightly above estimates. Continuing claims, which track the total number of unemployed people receiving benefits, rose to 1.490 million.

oil price It resumed its upward move after a sharp drop on Wednesday with US crude hovering around $109 a barrel.

tape protection the last they change they change %
USO United States Petroleum Fund LP 74.97 -0.47 -0.62%
BNO United STS BRENT OIL FD LP UNIT 31.18 -0.06 -0.18%
UGA Partnership Units in the United States Gasoline Fund LP 56.76 -1.55 -2.66%

Gas prices jumped to a new record high of $4.31 a gallon.

In stocks, Amazon is in the spotlight after announcing a 20-for-1 stock split to become the second big tech company after Google to split its stock.

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tape protection the last they change they change %
AMZN AMAZON.COM INC. 2929.44 +143.86 + 5.16%
Google ALPHABET INC. 2668.40 +126.31 + 4.97%

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Bitcoin was trading around $39,000.


Ken Martin of FOX Business and The Associated Press contributed to this report.

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