US stocks down with weekly losses amid Ukraine war risks

By Ovunc Kutlu

ANKARA (AA) - Despite strong jobs report, US stocks closed lower on Friday and posted weekly losses with risks surrounding Russia’s war on Ukraine.

The Dow Jones industrial average fell almost 180 points, or 0.53%, to close at 33,614. The blue-chip index fell 1.3% this week.

The S&P 500 lost 34 points, or 0.79%, to 4,328. It posted a weekly decline of 1.3% as well.

The Nasdaq decreased 224 points, or 1.66%, to finish at 13,313. The tech-heavy index lost 2.8% for the week.

US economy added 678,000 jobs in February, well above market estimate of 400,000, while the unemployment rate fell to 3.8%, the Department of Labor announced earlier.

However, Russia's taking control of Europe's largest nuclear power plant, Zaporizhzhia NPP, has caused worries for investors.

The VIX volatility index, known as the fear index, jumped 5.1% to 32.03. The dollar index increased 0.73% to 98.50.

The yield on 10-year US Treasury notes, on the other hand, lost 5.6% to 1.741%.

Precious metals were on the rise again, with gold adding 1.7% to $1,968 per ounce, and silver gaining 1.8% to $25.63.

Crude oil prices have continued to climb as they were hovering at their highest levels in more than a decade.

Brent crude was trading at $118 per barrel for a gain of 6.8% at the time. The US benchmark West Texas Intermediate (WTI) crude was at $115.13 a barrel with a gain of 6.9%.

On Thursday, Brent crude price soared to $119.78, marking its highest level since May 2, 2012. The price of WTI jumped to $116.50 – the highest since Sept. 2, 2008.