Stocks closed broadly lower Tuesday after Russia sent forces into Ukraine’s eastern region and the US, European Union, and UK responded with economic sanctions. The rising geopolitical tensions kept financial markets on edge, pulling the S&P 500 into a correction—Wall Street speak for a drop of at least 10% from its recent peak—for the first time in more than three years, the AP reports. The S&P 500 fell 44.11 points, or 1%, to 4,304.76. The Dow Jones Industrial Average fell 482.57 points, or 1.4%, to 33,596.61. The Nasdaq fell 166.55 points, or 1.2%, to 13,381.52. The Russell 2000 index of smaller companies fell 29.16 points, or 1.5%, to 1,980.17.
On Tuesday afternoon, President Biden announced the US was ordering heavy financial sanctions against Russian banks and oligarchs, declaring that Moscow has flagrantly violated international law by invading Ukraine. Earlier in the day, the 27 European Union members unanimously agreed to levy their own initial set of sanctions targeting Russian officials over their actions in Ukraine. US crude oil prices were up 1.3% after earlier rising more than 3% as energy markets remain volatile. European natural gas prices jumped after Germany withdrew a key document needed for certification of the Nord Stream 2 gas pipeline from Russia.
Home Depot was the biggest weight on the Dow, slumping 8.8% as concerns over the home-improvement retailer's profit margins outweighed an otherwise solid quarterly financial report. Technology stocks, which have an outsized impact on market indexes because of their pricey valuations, also fell. Apple shed 1.8%. Investors also focused on the latest round of corporate report cards, especially from department stores. Shares in Macy's and Dillard's initially rose after reporting solid quarterly results, but shed their gains by midafternoon. Macy's fell 4.9% and Dillard's slid 4.4%.
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