American stocks closed lower Friday as hopes of progress weakened concerning peace talks between Russia and Ukraine.

The Dow Jones lost more than 200 points and fell 0.69% to 32,944 points.

The S&P 500 was off 1.29% and closed at 4,204. The Nasdaq fell 2.18% to 12,843 points.

Russian President Vladimir Putin said Friday that there are some positive developments in the negotiation process, while Ukrainian President Volodymyr Zelenskyy said his country has reached a "strategic turning point" in its war with Russia.

Sanctions against Russia by Western countries continued with G7 countries announcing they will remove Russia from the status of "most favored country" in trade.

President Joe Biden announced the US will revoke normal trade relations with Russia.

The move will ramp up economic pressure on Putin and further isolate Moscow from the global stage, said Biden

Those developments caused oil prices to rise again.

Brent crude climbed to $112 a barrel, an increase of more than 3%. West Texas (WTI) gained more than 3% at $109.

On the macroeconomic data side, consumer confidence in the US fell to its lowest level since 2011 because of inflation concerns.

The consumer confidence index, measured by the University of Michigan, fell 3.1 points month-on-month to 59.7 in March./aa