Gas prices have hit an all-time high. Good afternoon. The record stood for 14 years, until today. The national average for a gallon of regular gas is $4.17. The last time prices were this high, you have to go back to July of 2008.
Meanwhile another negative day on wall street.
The Dow fell 184 to close at 32,632.
The Nasdaq dropped 35.
The S&P closed 30 points lower.
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One of the main components for gas prices being so high is Russia’s invasion of Ukraine. The U.S. has now banned oil imports from Russia, the world’s second largest oil producer behind the U.S. At the closing bell, oil was up another 4%, to $124/barrel.
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The big arches is taking a break from Russia. McDonalds is temporarily closing all 800-plus restaurants there. Coca-Cola late this afternoon said it, too, was suspending business in Russia. A McDonalds spokesman says the company “cannot ignore the needless human suffering in Ukraine.”
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Lululemon is taking on Nike and Adidas. The legging and sports bra maker is venturing into footwear. The first shoe for women will be available March 22nd. Price – $148.
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From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.