Dow falls more than 460 points as Russia-Ukraine worries sink sentiment
CNN, CNNBUSINESS
By Paul R. La Monica, CNN Business
Wall Street’s attempt for a Wednesday rally failed, with stocks closing broadly lower on continued worries about the likelihood of an imminent invasion of Ukraine by Russia.
The Dow closed down more than 464 points, or 1.4%, after opening the session higher.
It was a broad-based slide, with 28 of the Dow’s 30 stocks finishing in negative territory. Only oil giant Chevron and Johnson & Johnson ended the day in green. Energy was the sole market sector to finish with a gain.
The S&P 500 and Nasdaq fell 1.8% and 2.6%, respectively. The Dow and Nasdaq posted their fifth straight day of losses, while the S&P 500 has fallen the past four trading sessions.
The S&P 500 is now about 12% below its all-time high. That puts the index into correction territory — more than 10% below the recent peak. The Nasdaq is moving closer to bear market status, a 20% pullback from a high. The tech-heavy index is now 19% below its record levels.
Investors are worried about the possibility that oil prices could spike even higher if there is a long, drawn-out conflict in Ukraine. The United States and Europe have already responded with sanctions against Russia that could damage the global economy.
Fears of cyber warfare by Russia may be rattling investor confidence as well.
The-CNN-Wire
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