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Stocks In The US Fall As Ukraine Tensions Weigh
As geopolitical tensions between Washington and Russia over Ukraine escalated, U.S. stocks fell on Thursday, with the S&P 500 posting its biggest daily drop in 2 weeks. Defensive sectors and safe-havens, such as bonds and gold, attracted investors.
After Ukrainian forces and pro-Moscow rebels exchanged fire in eastern Ukraine, U.S. President Joe Biden said there was every indication Russia was preparing an invasion in the next few days.
Russia accused Biden of stoking tensions and released a strongly worded letter saying Washington ignored its security demands and threatened unspecified "military-technical measures".
The growth-oriented technology and communication services sectors were the hardest hit on Wall Street. Financials also declined as U.S. govt bond yields declined. The development in Ukraine has added to uncertainty about the Federal Reserve's tightening plans.
There is a lot of nervousness out there, and nothing has been settled between Russia and Ukraine," said Michael James, M.D, equity trading at Wedbush Securities in Los Angeles.
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