U.S. stocks closed sharply lower, with the blue-chip Dow posting its worst week in almost a year, after a double blow from a much weaker-than-expected monthly jobs report and escalating Mideast tensions.
The U.S. economy unexpectedly shed 92,000 jobs in February compared to the downwardly revised January gain of 126,000 and far below the growth of 50,000 that economists polled by Dow Jones expected for the month. The unemployment rate also rose to 4.4% from 4.3%.
Meanwhile, oil prices breached $90 per barrel after President Donald Trump said in a Truth Social post that fighting with Iran would not end without an “unconditional surrender” from the Middle Eastern country. Kuwait also began cutting production at some oil fields because it no longer has room to store more oil, since little to none is going out. Qatar said it may have to shut down production soon, the Financial Times reported.
Oil prices soared a record 36% on the week and nearly 13% on March 6 for its biggest daily jump in more than five years.
"The last look at the labor market ahead of the start of the conflict suggests the labor market was not as strong as the January data indicated and the longer the conflict continues the more negative feedback on economic activity and the labor market could emerge," said Nationwide Chief Economist Kathy Bostjancic in a note.
