The S&P 500 lost 43.94 points, or 1.01%, to 4,304.64.while the Nasdaq fell 164.31 points, or 1.21%, to 13,383.76. The Industry Average The Dow Jones fell 484.09 points, or 1.42%, to 33,595.09. Both the Dow Jones and the Nasdaq were down more than 2% before Biden spoke.
The US president also said he was hopeful that diplomacy is still available, adding that the United States had no intention of fighting Russia. The sanctions, among other things, target Russian banks and sovereign debt.
“It finally gives all this rhetoric, all this strategy, some muscle. This is something that gives the other party some pain and I think it’s appropriate,” said Jake Dollarhide, CEO of Longbow Asset Management.
Earlier on Tuesday NATO Secretary General Jens Stoltenberg said the alliance believed Russia was still planning a major assault on Ukraine. after the recognition by Moscow of two separatist regions in the east of the former Soviet republic.
Britain published a sanctions list and Germany froze the Baltic Sea Nord Stream 2 pipeline projectwhich would have greatly increased the flow of Russian gas.
Asia
Hong Kong stocks fell more than 3% and Tokyo’s more than 2%, while Shanghai, Sydney, Seoul, Taipei and Bangkok lost more than 1%. Losses were also recorded in Singapore, Manila, Jakarta and Wellington.
“It’s a fluid situation because of the changing geopolitical issues we have,” said Chris Weston of Pepperstone Financial Pty.
The uncertainty of the markets also valued safe-haven shares. Gold surpassed $1,900 and approached its highest level in the last year, while the Japanese yen strengthened against the dollar.
The US currency also strengthened against other currencies, including a 4% gain against the Russian ruble.
“Uncertainty continues to reign,” said Cristian Maggio of TD Securities. “In the event of an armed conflict, Russian assets will be significantly weakened more than now.”
Source: Ambito
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