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• Dow Jones Industrial Average closed down 96.69 points, or 0.29%
• The S&P 500 aerospace and defense subsector is up 11% for 2022
After a positive session on Wednesday, U.S. stocks trailed back into the negative on Thursday, as investors kept a close watch on the war in Ukraine.
The Dow Jones Industrial Average closed down 96.69 points, or 0.29%, to close at 33,794.66 after being positive for much of the session. The S&P 500 slipped 0.53% to 4,363.49. The Nasdaq Composite fell 99 points, or 0.7%, to13,652.
On Wednesday, Federal Reserve Chair Jerome Powell said that rate hikes are likely to begin this month despite the “highly uncertain” impact of the war in Ukraine. He added that the Fed would make progress on, but not finalize a plan, to reduce its balance sheet.
The S&P 500 aerospace and defense subsector is up 11% for 2022. It is up 23% from its 52-week intraday low on March 3, 2021, and down 5% from its 10-year intraday high on February 10, 2020, reported MarketWatch.
Meanwhile, Russia continued its relentless attack on Ukraine, while advancing towards Kyiv. Russian Foreign Minister Sergei Lavrov said his country was ready for peace talks but will continue attacking Ukraine’s military infrastructure.
The U.S. and its allies have agreed to release 60 million barrels of oil from their reserves, to dampen the effect of Russia's invasion of Ukraine on gas prices at home. Half of the total reserves will come from the U.S. Strategic Petroleum Reserve.
The U.S. announced on Tuesday that it was banning Russian planes from American airspace in a bid to isolate Russia further.
The yield on the 10-year Treasury note fell around 2 basis points to 1.86%.
Brent crude, the global standard, hit a record high of $119.84 per barrel, the highest level since May 2012.
West Texas Intermediate crude futures touched a high of $116.57 a barrel, the most since September 2008.