US stocks close down as oil spikes 12%, job market weakens

US equities closed lower as a significant 12% surge in oil prices fueled inflation concerns and potential interest rate hikes. This was compounded by signs of a weakening job market, indicating a challenging economic environment. Investors are likely to remain cautious, focusing on upcoming inflation data and Federal Reserve commentary for policy direction. The combination suggests increased recessionary risks and potential earnings pressures for companies.