US market close: Market sags amid Russian siege of Ukraine
By Joseph Toppe
21:08, 22 February 2022
The big US benchmarks fell across the board on Tuesday as investors responded to the repercussions of war between Russia and Ukraine.
On Tuesday, the Dow Jones Industrial Average (US30) lost 482 points, or 1.42%, the S&P 500 went down 1.01%, while the Nasdaq Composite (US100) lost 1.23%.
Halfway through the session, the Dow was down approximately 309 points, or 0.91%, the S&P was down around 0.59%, and the Nasdaq was roughly 0.67% lower.
Russian army advances on Ukraine
On Tuesday, Russian forces entered Ukraine after amassing roughly 190,000 troops along the country’s border.
In a statement issued by the White House yesterday, Press Secretary Jen Psaki said the Biden Administration anticipated the Russian move and are “ready to respond immediately."
According to the statement, the US will use a series of sanctions through an executive order prohibiting new investment, trade, and financing by US persons to the two Ukrainian regions that Russian President Vladimir Putin recognised as independent.
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Winners & losers: Banking bottoms out
In the banking sector, shares of Wells Fargo are off 0.63%, Citigroup is down 0.39%, and JPMorgan is 0.18% lower.
Meanwhile, First Republic Bank rose 1.77%, BlackRock went back 1.39%, while Bank of America retreated 0.87%, and Goldman Sachs dropped 0.51%.
The travel industry is also down on Tuesday as shares of American Airlines lost 2.46%, Delta Airlines dropped 2.22%, while Southwest Airlines retreated 0.78% and United Airlines fell 2.24% into negative territory.
Oil: US benchmark spikes
Oil futures are higher on Tuesday as West Texas Intermediate crude for March delivery added $1.28, or 1.4%, to end at $92.35 a barrel on the New York Mercantile Exchange.
In energy stock, shares of Hess lost 0.13% and Exxon Mobil went down 1.24%.
Gold: Metals rise
Gold futures went up with April gold adding $7.60, or 0.4%, to settle at $1,907.40 an ounce, while March Silver went up 1.3% to settle at $24.311 an ounce.
Treasury: Yield up slightly
On Tuesday, the yield on the benchmark 10-year U.S. Treasury note rose 1.940%, from 1.930% Friday.
Forex: USD holds
The US dollar equals $0.88 of the euro, $0.74 of the British pound sterling and $1.27 of the Canadian dollar.
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