GIS - Stocks Tumble as Oil Prices Hike

U.S. stocks fell Wednesday as oil prices gained, renewing inflation fears.

The Dow Jones Industrials sagged 231.74 points to 34,575.72.

The S&P 500 dropped 25.36 points to 4,486.25

The NASDAQ Composite slumped 110.86 points to 13,997.95.

Traders digested the latest news on the Ukraine-Russia war. Ukrainian President Volodymyr Zelenskyy called for more pressure on Russia from other countries as the conflict appears to be entering a stalemate.

Energy stocks rallied Wednesday as oil prices rose. Occidental Petroleum and Marathon Oil were among the top gainers on the S&P 500, respectively rising about 3% and 2%.

General Mills added more than 5% after the food maker reported better-than-expected quarterly earnings Wednesday and raised its full-year outlook.

On the downside, Adobe shares fell nearly 8% after the company forecasted lower-than-expected profit and revenue in its fiscal second quarter.

Treasury prices gained ground, lowering yields to 2.35% from Tuesday's 2.38%. Treasury prices and yields move in opposite directions.

Oil prices regained $4.61 to $113.88 U.S. a barrel.

Gold prices zoomed $14.80 to $1,936.10 U.S. an ounce.