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Market Pulse: Nasdaq Composite skids 1%, and S&P 500, Dow finish lower as inflation carves out fresh 40-year high

U.S. stocks closed lower Thursday, as investors weighed surging U.S. consumer price inflation and stalled Russia-Ukraine negotiations.

On top of that, a reading of inflation came in at its highest level in about 40-years, underscoring the surge in prices in everything from dry commodities to crude oil

The Dow Jones Industrial Average

closed down 0.3%, S&P 500 index

closed down 0.4% and the Nasdaq Composite Index

ended the session off by about 1%.

U.S. February consumer prices rose to 7.9%, a 40-year high, with some seeing more inflation to come due to the Russia-Ukraine war. In other data, weekly U.S. jobless benefit claims edged up 11,000 to 227,000.

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