All three major U.S. stock benchmarks closed lower Wednesday amid a sharp rise in oil prices as the Russia-Ukraine war pressed on for about a month. The Dow Jones Industrial Average DJIA, -1.29% and Nasdaq Composite COMP, -1.32% each closed around 1.3% lower, while the S&P 500 SPX, -1.23% fell 1.2%, according to preliminary FactSet data. While most of the S&P 500’s 11 sectors booked losses, energy SP500.10, +1.74% booked sharp gains and utilities saw a modest rise, FactSet data show. In oil prices, West Texas Intermediate crude for May delivery CLK22, -1.27% rose 5.2% to settle at $114.93 a barrel. Investors also continued to weigh hawkish comments from Federal Reserve officials this week, including remarks Wednesday from Cleveland Fed President Loretta Mester, who said the Fed may need to do “some” 50 basis point rate hikes this year to combat high inflation.
