U.S. stocks finished the week lower as the war in Ukraine continues and inflation hits another four-decade high. The S&P 500 declined 2.8% and the Dow fell 2% for the week. Foreign markets fared better, with the FTSE All World Ex US down 0.7% for the week. The 10-year Treasury yield jumped to 2% from 1.72% the week prior.
The consumer price index climbed to 7.9% in February, matching expectations. The producer price index, month over month, rose 0.8% versus 0.9% estimated.
The US banned Russian oil and other energy sources adding pressure to already high U.S. gasoline prices. The national average price for regular gasoline hit $4.065 a gallon, the highest price since July 2008. US crude rose to over $123 per barrel before ending the week at $109.33.
The House and Senate passed a $1.5 trillion package to fund the federal government for the current fiscal year and send aid to Ukraine.
China set its goal for economic growth this year at 5.5%. Economists believe this paves the way for more-aggressive stimulus measures in the near future.