The Dow New York Stock Exchange closed more than 200 points on Friday (Feb 18) as investors sold stocks ahead of the long weekend in the United States. Amid concerns about the increasingly tense situation in Ukraine The United States warned of possible Russian invasion of Ukraine.
The Dow Jones Industrial Average closed at 34,079.18, down 232.85, or -0.68%, the S&P 500 closed at 4,348.87, down 31.39, or -0.72%, and the Nasdaq closed at 13,548.07, down 168.65, or -1.23%.
U.S. stock markets dropped for a second straight week amid tensions between Russia and the West over Ukraine. In this week The Dow was down 1.9 percent, the S&P500 was down 1.6 percent and the Nasdaq was down 1.8 percent.
US stock markets will be closed this coming Monday (Feb 21) for US President’s Day.
The Nasdaq index fell sharply on Friday. It was pressured by falling high growth stocks such as Apple, Amazon and Microsoft.
Investors are still worried about Ukraine’s situation. The Russian-sponsored separatist group has sent civilians out of the fighting region in eastern Ukraine to seek asylum. This is another situation in the conflict that Western nations believe Russia plans to use as an excuse to invade Ukraine. Russia has denied the allegations. and states that Western nations are trying to create fear
The market continues to be pressured by expectations that The US Federal Reserve (Fed) will raise interest rates at its March meeting. The New York Fed President John Williams said: It is appropriate for the Fed to raise interest rates in March.
The maturity of the monthly options contract also added to the volatility of the market before the market closed on Monday. On the occasion of the US President’s Day
The disappointing earnings release also affected individual stocks.
Intel shares fell 5.3 percent to their lowest level since 2020, after the company failed to reassure investors who feared that Intel will lose market share.
Streaming platform Roku shares fell 22% after investors were disappointed by the company’s 4Q21 earnings release and its outlook for first-quarter earnings.
Draft Kings Stock The sports betting company fell 22% after it expected a bigger-than-expected loss this year.