The major averages closed lower once again, but off the lows due to worrisome developments in Ukraine while the US jobs report came in stronger-than-expected. The Dow Jones Industrial Average dropped 179 points, or 0.53%, to close at 33,614. The S&P 500 declined 34 points or 0.79% to 4,328 while the Nasdaq Composite moved down 224 points or 1.66% to 13,313.
The Dow, which was down more than 500 points at session lows, notched its fourth straight losing week.
The decline for stocks followed reports that smoke was visible from a nuclear power plant in Ukraine — the largest in Europe — after Russian troops attacked. Reports Friday morning indicated that Russian forces had seized the plant in Zaporizhzhia. The U.S. embassy in Kyiv called the attack a war crime.
Energy prices were higher across the board after the attack, with U.S. benchmark West Texas Intermediate crude up 7% to more than $115 per barrel and global standard Brent crude rising more than 6% to nearly $118. On Friday, the White House did not rule out an import ban on Russian oil.
Government bond yields plunged as investors cut risk, with the benchmark 10-year Treasury falling to around 1.73%.
Financial stocks, which can benefit from higher interest rates, declined, with American Express losing 3.8% and JPMorgan Chase falling 2.8%.
Travel stocks were another weak spot on Friday, with shares of United Airlines falling more than 9%. Shares of Delta Air Lines and American Airlines dropped 5.6% and 7.1%, respectively. Major tech shares also declined, with Microsoft losing 2% and Apple falling 1.8%.
Energy stocks rose along with oil prices. Occidental Petroleum jumped more than 17%, while Diamondback Energy climbed 2.7%. Defensive sectors also outperformed. Walmart and UnitedHealth each rose about 2.5%.
The developments in Ukraine appeared to overshadow a stronger-than-expected February jobs report. The economy added 678,000 jobs last month, above the 440,000 expected by economists, according to Dow Jones. The unemployment rate ticked down to 3.8%.
This is the last jobs report before the Federal Reserve's next meeting, where the central bank is expected to begin hiking interest rates. Fed Chair Jerome Powell said this week that he is leaning toward supporting a single 25-basis point hike in March. A basis point is equal to 0.01%.
One surprise in the jobs report was wage growth, which was little changed month over month. The slower-than-expected growth could make rising prices more painful for everyday Americans, but could also ease concerns that the recent inflation will prove to be persistent.
For the week, the Dow and S&P 500 slid about 1.3%. The Nasdaq Composite lost roughly 2.8%.
Overseas, European stocks fell sharply on Friday and finished the week down 7% for their worst stretch since March 2020. The VanEck Russia ETF, one of the few Russia-linked funds still trading, fell another 2% on Friday to finish the week down more than 60%.
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