Dow Plummets Nearly 500 Points After US Announces 'First Tranche' of New Sanctions Against Russia
21:00 GMT 22.02.2022 (Updated: 21:53 GMT 22.02.2022)
© AP Photo / Richard Drew / Financial Markets Wall Street Download Comp Tag as... Cancel Apply Back to search results3of26,228 results FINANCIAL MARKETS WALL STREET Overview Download now Trader Fred DeMarco, left, works with colleagues in a booth on the floor of the New York Stock Exchange, Thursday, March 22, 2018. Stocks are falling sharply and bond prices are climbing after the Trump administration moved to place tariffs on some goods imported from China and restrict Chinese investment.
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Crude oil prices surged and global stock markets tumbled on Tuesday after the US announced its "first tranche" of sanctions against Russia following Moscow's decision to recognize the independence of the People's Republics of Donetsk and Lugansk.
The Dow Jones Industrial Average dropped 482.57 points (1.41%), to 33,596.61 on Tuesday, falling for its fourth straight session.
The S&P 500 dropped 1.02%, to 4,304.76, while the Nasdaq Composite shed 1.23%, to 13,381.52.
Both the Dow and S&P 500 closed at their lowest levels for 2022.
The US stock market was closed on Monday, the previous day, due to President's Day—a federal holiday in the US.
Earlier Tuesday, US President Joe Biden announced that the US would impose sanctions on Russian financial institutions, oligarchs, and sovereign debt. At the time, Biden described Putin's recognition of DPR and LPR as "the beginning of a Russian invasion of Ukraine."
Biden Announces 'First Tranche' of Sanctions Targeting Russia's Sovereign Debt, State Dev. Banks
22 February 2022, 19:24 GMT
Across the pond, UK Prime Minister Boris Johnson told House of Commons lawmakers that the country's first round of sanctions would target three individuals of high net worth, as well as five Russian banks: Promsvyazbank, Black Sea Bank, IS Bank, Rossiya and General Bank.
Robert Schein, an investor for the rich, told Yahoo Finance that believes "the risk of a Russian invasion of Ukraine is overstated, as war invasions are not typically telegraphed in advance and there is usually an element of surprise."
That is "clearly not the case with Russia-Ukraine," he told the outlet, noting that the market is currently in what he characterized as a 'wait-and-see' mode.
Washington claims that the uptick in shelling by Ukrainian forces, which prompted mass evacuations in the DPR and LPR, is part of a staged provocation by Russia to justify its peacekeeping mission in the Donbass.