Stocks fall again as Russia-Ukraine worries sink sentiment
CNN, CNNBUSINESS
By Paul R. La Monica, CNN Business
Wall Street’s attempt for a Wednesday rally failed as stocks sank in late afternoon trading due to continued worries about the likelihood of an imminent invasion of Ukraine by Russia.
The Dow was trading down more than 300 points, or 1.1%, in late trading after opening the session higher. The S&P 500 and Nasdaq were down 1.4% and 2.1% respectively. The Dow and Nasdaq are on track for their fifth straight day of losses.
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 also be rattling investor confidence as well.
The-CNN-Wire
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