Dow tumbles more than 400 points as spike in oil prices stokes further inflation fears

• The Dow fell more than 400 points as all three major US indexes finished in the red.
• Oil prices jumped with West Texas Intermediate settling 5.2% higher at $114.93 a barrel.

US stocks declined Wednesday as another spike in oil prices stoked renewed inflation concerns while investors digested the latest developments in the Ukraine war.

Each of the three major indexes finished down more than 1% after extending losses late in the trading session.

Ukrainian President Volodymyr Zelenskyy called for more pressure on Russia from Western nations, ahead of President Joe Biden's visit to Europe, where he will meet with NATO leaders. Biden is also expected to announce new sanctions on Moscow and discuss ways to reduce Europe's dependence on Russian energy.

Meanwhile, Russian President Vladimir Putin sought to counter Western sanctions on his country by requiring hostile nations to pay for Russian gas using rubles. Nonetheless, the Russian government still has a long list of bond payments looming in foreign currencies while its top companies teeter near default.

Here's where US indexes stood as the market closed at 4:00 p.m. on Wednesday:

• S&P 500: 4,456.23, down 1.23%

• Dow Jones Industrial Average: 34,358.50, down 1.29% (448.96 points)

• Nasdaq Composite: 13,922.60, down 1.32%

Adobe stock slumped 11% in Wednesday trading after the software maker said halting sales in Russia will reduce the company's yearly revenue.

Mohamed El-Erian said that the Federal Reserve is facing a lose-lose situation, with either hot inflation or a recession. But the top economist said he'd prefer the Fed to err on the side of high prices.

Meanwhile, a wealth manager said the "new FANG" trade will consist of commodities amid war in Ukraine. But lumber, for its part, has been one of the few that have dropped, and the spike in mortgage rates is expected to slow down housing demand.

Oil rose, with West Texas Intermediate settled up 5.2% to $114.93 a barrel. Brent crude, the international benchmark, rose 5.3% to $121.63 a barrel.

Gold inched 1.3% higher to $1,947 per ounce. The 10-year yield was down 7.6 basis points to 2.30%.

Bitcoin slipped 0.74% to $42,252.47.