U.S. stocks declined over the week as the war in Ukraine pushed markets lower. The S&P 500 and the Dow both fell 1.3% for the week. Foreign markets were down more than domestic markets, with the FTSE All World Ex US down 4.9% for the week. The 10-year Treasury yield recorded its largest weekly decline since March 2020 falling to 1.72% from 1.97% the week prior.
US employers added 678,000 workers to their payrolls in February exceeding economist forecasts of 440,000. February posted the best hiring numbers in seven months. Previous months saw upward revisions with an additional 92,000 jobs added to January and December’s reported numbers. The unemployment rate fell to 3.8% from 4% a month earlier.
In testimony before a House panel, the Fed’s Powell indicated he would propose a quarter percentage point increase at the central banks meeting in March.
Moscow’s military offensive in Ukraine continues with Russian forces taking control of Europe’s largest nuclear power plant.
China set its 2022 GDP goal at 5.5%, its lowest level in more than twenty-five years.
Oil prices closed above $110 a barrel for the first time since 2011.
A group of major oil-consuming nations will release 60 million barrels of oil from emergency stockpiles.