- The Dow industrials tumbled 600 points Tuesday as Russia ramped up its invasion of Ukraine.
- The energy sector on the S&P 500 was the only gainer as oil prices surged to 2014 highs.
- Target stock was a winner after the retailer’s fourth-quarter earnings report.
US stocks closed firmly lowers on Tuesday, leaving the blue-chip names sharply down on the first day of March trading as Russia continued its deadly invasion of Ukraine.
The Dow Jones Industrial Average tanked nearly 600 points with only oil major Chevron, Home Depot and Walmart ending higher. Wall Street’s key indexes were slammed lower as Moscow reportedly threatened strikes against Ukraine’s capital Kyiv and as Ukraine’s second-largest city of Kharkiv was hit by Russian missiles. Western officials warned of potential attacks on civilians.
Here’s where US indexes stood at 4:00 p.m. on Tuesday:
- S&P 500: 4,306.26, down 1.55%
- Dow Jones Industrial Average: 33,294.95, down 1.76% (597.65 points)
- Nasdaq Composite: 13,532.46, down 1.59%
Investors ran to so-called haven assets, sending gold and bond prices higher. At the same time, oil prices surged. Brent oil zoomed past $107 a barrel for the first time since 2014 on concerns about supply shortages stemming from the conflict.
Bitcoin jumped to a two-week high during the day on a surge in buying by Russians and Ukrainians who may be seeking refuge in cryptocurrencies as their own fiat currencies sink. Bitcoin gained 1.9% to $43,944.78 in late North American trade.
West Texas Intermediate crude soared 9% to $104.31 per barrel. Brent crude, the international benchmark, gained 0.6% at $105.56 and earlier hit $107 a barrel for the first time since 2014.
Gold prices rose 2.2% to $1,942.70 per ounce.
The 10-year yield fell five basis points to 1.77%. It hit a six-week low, highlighting its sharp swing downward as investors search for safety during Russia’s invasion of Ukraine.
Bitcoin gained 1.9% to $43,944.78.
Keep reading
