The S&P 500 Index returned 1.81% last week marking a second straight week of gains and is currently showing March in positive territory with a 3.98% return. The index has gained 9.02% since hitting its 2022 closing low on March 8, though it is still down -4.35% for the year. The energy sector once again was the best performing sector of the week returning 7.42% as crude oil closed at $113.90 per barrel on Friday. The ban on Russian oil, liquefied natural gas, and coal imports by the U.S. and other countries over the war in Ukraine has impacted global energy markets. Though crude oil prices had gained over 20% prior to the Russian invasion, prices are up a similar amount since the February 24th invasion, boosting energy stocks and helping the sector.
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