MARCH-S-SYNTH-SE-6-WALL-STREET-FIN:Wall Street ends lower as Ukraine war worries
© Archyde.com/MIKE SEGAR
WALL STREET FINISHES SHARPLY LOWER
by Devik Jain and Noel Randewich
(Archyde.com) – The New York Stock Exchange ended sharply lower on Tuesday as the escalating war between Russia and Ukraine fueled investor fears, particularly hitting the financial sector which declined for a second consecutive session.
The Dow Jones index fell 1.76% to 33,294.95 points.
The broader S&P-500 lost 1.55% to 4,306.24 points.
The Nasdaq Composite fell for its part by 1.59% to 13,532.46 points.
Ten of the eleven major sectors of the S&P-500 ended the session in the red, including the financial sector, down 3.7%.
Video: Situation in eastern Ukraine sends financial markets plunging (Dailymotion)
Like Wells Fargo, down 5.8%, the banking index declined 4.8% as US Treasury yields fell to a five-week low.
Russia warned Kiev residents to evacuate the Ukrainian capital and bombarded the city of Kharkov in a sixth day offensive.
This invasion launched by Moscow has provoked criticism and sanctions from the West, including the freezing of the assets of leaders including Russian President Vladimir Putin and the exclusion of Russian banks from the SWIFT network.
“Investors are swimming in a pool of fear, and they don’t know how to incorporate geopolitical information into their prices,” said Mike Zigmont, chief trading officer at Harvest Volatility Management in New York.
“We are facing a purely emotional response from investors,” he said.
Chevron rose 4% to a record high following revising its share buyback program amid soaring oil prices.
A positive note in the United States came from data showing better than expected manufacturing activity in February, benefiting from the decline in coronavirus contaminations.
Target jumped 9.9% following the announcement of full-year sales and profit forecasts that beat analysts’ expectations.
Conversely, Zoom Video Communications plunged 7.4% following a disappointing profit forecast.
(French version Jean Terzian)
