Stocks wobble lower, crude climbs after US halts Russian oil imports

The U.S. ban on oil is the latest move by governments and companies around the world to squeeze Russia’s finances following its attack of Ukraine.

By

National News

March 8, 2022 - 4:05 PM

Hundreds of Ukrainian Americans and others march past a gas station featuring high prices for gas during a rally to denounce Russia's invasion of Ukraine in Westwood on February 26, 2022. (Genaro Molina / Los Angeles Times)

NEW YORK (AP) — Stocks closed lower Tuesday following another wobbly day of trading on Wall Street, as oil prices climbed after the U.S. banned imports from Russia.

The economic fallout from its invasion of Ukraine also rocked the market for nickel, driving up its price so much that trading for the metal was shut.

The S&P 500 fell 0.7% after careening between a loss of 1% and a gain of 1.8%. Such wide swings have become common as investors struggle to guess how high oil prices will go, and how much they’ll drag on the economy. The benchmark index lost 30.39 points to 4,170.70. It has fallen four days in a row and is now 13.1% below its record high set early this year.

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