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Wall Street slumps in broad swoon to end bumpy week

Published Mar 11, 2022 06:41AM ET Updated Mar 11, 2022 07:37PM ET
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3/3 © Reuters. Traders work on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., March 7, 2022. REUTERS/Andrew Kelly 2/3
 
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By Lewis Krauskopf, Devik Jain and Sabahatjahan Contractor

(Reuters) - Major U.S. stock indexes stumbled on Friday as tech and growth shares led a broad decline and investors worried about the conflict in Ukraine while attention turned to the Federal Reserve's policy meeting next week.

At the end of a volatile week, indexes had opened higher after Russian President Vladimir Putin said there were "certain positive shifts" in talks with Ukraine, without providing any details, but stocks then faded during the session.

All 11 S&P 500 sectors ended down, with communication services falling 1.9% and technology dropping 1.8%.

“After we saw a bounce in the middle of the week, there is still too much uncertainty out there,” said Matt Maley, chief market strategist at Miller Tabak. "The market has had a tough couple of Mondays so I think the short-term players want to take some chips off the table."

The Dow Jones Industrial Average fell 229.88 points, or 0.69%, to 32,944.19, the S&P 500 lost 55.21 points, or 1.30%, to 4,204.31 and the Nasdaq Composite dropped 286.15 points, or 2.18%, to 12,843.81.

The benchmark S&P 500 fell 2.9% for the week, and logged its second straight weekly decline. The Dow fell for a fifth straight week.

  On Friday, declines in shares of megacap growth companies such as Apple Inc (NASDAQ:AAPL) and Tesla (NASDAQ:TSLA) Inc dragged on the S&P 500. Apple fell 2.4% while Tesla dropped 5.1%.

Meta Platforms shares fell 3.9% as Russia opened a criminal case against the Facebook (NASDAQ:FB) parent after the social network changed its hate speech rules to allow users to call for "death to the Russian invaders" in the context of the war with Ukraine.

President Volodymyr Zelenskiy said Ukraine had reached a "strategic turning point" in the conflict with Russia, but Russian forces bombarded cities across the country and appeared to be regrouping for a possible assault on the capital Kyiv.

Regarding developments in the Ukraine crisis, “you just don’t know what you are going to see so there’s no reason to go into the weekend with a risk-on attitude,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

Growth stocks also came under pressure as the U.S. 10-year Treasury yield hovered near 2%.

Stocks have struggled this year as concerns about the Russia-Ukraine crisis have deepened a sell-off initially fueled by worries over higher bond yields as the Fed is expected to tighten monetary policy this year to fight inflation. The S&P 500 is down 11.8% in 2022.

The U.S. central bank is expected to raise rates at its March 15-16 meeting.

A survey showed U.S. consumer sentiment fell more than expected in early March as gasoline prices surged to a record high in the aftermath of Russia's war against Ukraine.

Declining issues outnumbered advancing ones on the NYSE by a 2.83-to-1 ratio; on Nasdaq, a 2.54-to-1 ratio favored decliners.

The S&P 500 posted 13 new 52-week highs and 16 new lows; the Nasdaq Composite recorded 36 new highs and 274 new lows.

About 13 billion shares changed hands in U.S. exchanges, compared with the 13.6 billion daily average over the last 20 sessions.

Wall Street slumps in broad swoon to end bumpy week
 

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Comments (19)
Stanley Tey
Stanley Tey Mar 13, 2022 12:07AM ET
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All lies. Do u believe price came down bec of war in Ukraine? US mkt has been down since the beginning of this year. it is the hyper inflation rate that is pushing mkt down. Russia Ukraine war is a lame excuse. Actually I m surprise that the mkt did not move up due to the war.
Captain Virus
Captain Virus Mar 11, 2022 4:09PM ET
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Lol. Up 1% premarket on putin peace rumor. Did we actually believe him Again?
Ron Love
Ron Love Mar 11, 2022 4:09PM ET
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Biden kinda wrecked it announcing 4th round of sanctions. Biden needs to stop it, Putin does not care about collapsing the Russian economy for the next two decades or this war would have been over last week.
Mitchel Pioneer
Mitchel Pioneer Mar 11, 2022 3:01PM ET
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Loss mitigation at its finest, in living color.  When will savvy "investors" begin coming out of the woodwork for their "late trade" buying spree, so they can hold over the weekend in this incredibly stable environment?
Ron Love
Ron Love Mar 11, 2022 3:01PM ET
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Investors hold long-term, traders move in and out in the short-term.
Keith Wilson
Keith Wilson Mar 11, 2022 2:58PM ET
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Drip, drip, drip, drip, drip every day.
Ac Tektrader
Ac Tektrader Mar 11, 2022 2:51PM ET
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mitchel you should start your own website maybe call it the "Ignorant investor"
Ac Tektrader
Ac Tektrader Mar 11, 2022 2:47PM ET
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Manley... is a Russian troll, hysterically complaining about censorship, after Putin closed down the free press in Russia, with threats of jail time for reporting the brutal truth about Russia's invasion and war against Ukraine. that is typical Russian hypocrisy.
Mitchel Pioneer
Mitchel Pioneer Mar 11, 2022 1:19PM ET
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Remarkable, isn't it?  The laughingstock of the investing world can "rally" out of a loss and spike hundreds of points into the green, without any hesitation at the break even point.  Today the "market" opens in the green, heads lower, but won't be allowed to go red for more than a moment.  Another day that clearly illustrates just what a criminally manipulated farce this so-called "market" truly is.
Brad Albright
Brad Albright Mar 11, 2022 1:19PM ET
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And your evidence for this is what, exactly? A fever dream?
Joseph Armour
Joseph Armour Mar 11, 2022 12:25PM ET
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welcome to United Corporations of America. You are free to speak. As long as you say what we want!!!
Brad Albright
Brad Albright Mar 11, 2022 12:25PM ET
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I think you just proved yourself wrong.
Joseph Armour
Joseph Armour Mar 11, 2022 12:25PM ET
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mindless reply
Brad Albright
Brad Albright Mar 11, 2022 12:25PM ET
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Joseph Armour I wouldn't expect you to understand. Others will though, so don't worry to much about it.
Joseph Armour
Joseph Armour Mar 11, 2022 12:25PM ET
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That's what I said, only in less words,
Mitchel Pioneer
Mitchel Pioneer Mar 11, 2022 12:19PM ET
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Ah yes, savvy "investors" once again rush in and time their "buying" to keep the DOW from going negative.  Is the FRAUD flagrant enough?  Criminally manipulated JOKE.
Kevin Parker
Kevin Parker Mar 11, 2022 9:52AM ET
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The markets shouldn't be responding like this, Putin has just ordered 16,000 more troops. I really hope this unprovoked attack on Ukrain ends soon and Russia withdraws all it's troops. It's so sad to see grandma in an interview, really believing that this "special operation" is for the benefit of Russian people. Disinformation and media control really seem to be provocative tools to brain wash people.
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Tre Hsi
Tre Hsi Mar 11, 2022 9:52AM ET
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John Avenetti  "Disinformation and media control really seem to be provocative tools to brain wash people." -- it's not that hard, half of republicans (that's like 20%) of americans actually think Trump won the election, so it's not exactly something that happens only in country with tight media control
Brad Albright
Brad Albright Mar 11, 2022 9:52AM ET
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Tre Hsi The uneducated cannot discern fact from fiction.
Brad Albright
Brad Albright Mar 11, 2022 9:52AM ET
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Jake Breaks I don't know if you are a nutcase or a clever troll, but... oh, wait! Mike Lindell? Yes, you are a nutcase.
Ron Love
Ron Love Mar 11, 2022 9:52AM ET
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John Avenetti Heroes don’t shell civilian homes, hospitals and schools.
Stanley Tey
Stanley Tey Mar 11, 2022 9:52AM ET
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This war is unprovoked? Why did Russia attack Ukraine? What is the role of US in this conflict? Did US really want to end the war? Can US do anything at all? who is the purpeteer of this saga?
 
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