With international oil prices surpassing $90 per Barrel and news that U.S. jobs fell last month, the New York stock market closed lower on the 6th local time.
On the New York stock market that day, the Dow Jones Industrial Average finished at 47,501.55, down 453.19 points, or 0.95%. The S&P 500 fell 90.69 points, or 1.33%, to 6,740.02, and the Nasdaq composite closed at 22,387.68, down 361.31 points, or 1.59%.
On the New York Mercantile Exchange that day, West Texas Intermediate (WTI) crude for April delivery rose 12.21% to $90.90 per Barrel. For the week, WTI surged 35.63%, marking the biggest gain on record for futures transaction since 1983. The Strait of Hormuz is effectively blockaded.
News that U.S. jobs fell by a larger-than-expected margin also pushed stocks lower. The U.S. Department of Labor said nonfarm payrolls in February fell by 92,000 from the previous month. That is well below experts' expectations, compiled by Dow Jones, for an increase of 50,000.