Breaking News
Investing Pro 0

Wall St ends down in rocky session as U.S. bans Russian oil imports

Stock Markets Mar 08, 2022 06:42PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
3/3 © Reuters. FILE PHOTO: The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. REUTERS/Jeenah Moon 2/3
 
US500
-0.71%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
-0.20%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CAT
+1.41%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
GOOGL
-1.86%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
LCO
+1.56%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
TSLA
+2.01%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Lewis Krauskopf, Devik Jain and Sabahatjahan Contractor

(Reuters) - Major U.S. stock indexes ended lower in rocky trading on Tuesday, as investors weighed fast-paced developments around the crisis in Ukraine as the United States banned Russian oil and other energy imports over the invasion.

Losses accelerated into the end of Tuesday's up-and-down session, a day after steep declines that saw the tech-heavy Nasdaq confirm it was in a bear market. The benchmark S&P 500 fell for a fourth straight session.

U.S. President Joe Biden announced the ban on Russian oil and other energy imports, underscoring strong bipartisan support for a move that he acknowledged would drive up U.S. energy prices, while Britain said it would phase out imports of Russian oil and oil products by the end of 2022.

"I think it is just investors trying to probe whether it is worth buying the dips and we had a real big one yesterday," said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. "Anytime that the buying seems to get a little out of hand on the upside there seems to be willing sellers coming in."

“To me, it’s a trader’s market and people looking for very short-term momentum shifts to trade,” Carlson said.

The Dow Jones Industrial Average fell 184.74 points, or 0.56%, to 32,632.64, the S&P 500 lost 30.39 points, or 0.72%, to 4,170.7 and the Nasdaq Composite dropped 35.41 points, or 0.28%, to 12,795.55.

Defensive sectors were the biggest decliners, with consumer staples falling 2.6%, healthcare dropping 2.1% and utilities down 1.6%.

Gains in megacap growth stocks, such as Tesla (NASDAQ:TSLA), Meta Platforms and Alphabet (NASDAQ:GOOGL), helped mitigate losses for the S&P 500.

The energy sector, a standout performer this year, continued its charge higher, rising 1.4%.

Brent crude topped $130 per barrel along with other commodities, triggering alarm over surging inflation and the impact on global economic growth. U.S. gasoline prices hit a record on Tuesday.

"There is a just a lot of uncertainty right now of what the impact is going to be on the U.S. economy," said James Ragan, director of wealth management research at D.A. Davidson. "I think we will see a little pullback in the U.S. consumer. Obviously, the gasoline prices are going to cause people to pause a little bit."

Ukraine's government accused Russian forces of shelling a humanitarian corridor that Moscow, which describes its actions as a "special operation", had promised to open to let residents flee the besieged port of Mariupol.

Stocks have struggled as concerns about the Russia-Ukraine crisis have deepened a sell-off initially fueled by worries over higher bond yields as the Federal Reserve is expected to tighten monetary policy this year to fight inflation.

On Monday, the Nasdaq confirmed it was in a bear market, falling over 20% from its record high, while the Dow Jones Industrial Average confirmed it was in a correction as it closed more than 10% lower from its record peak.

In company news, shares of Caterpillar Inc (NYSE:CAT) jumped 6.8% after Jefferies upgraded the construction equipment maker's stock to "buy" from "hold" as a hedge against inflation and prospects of more investments.

Declining issues outnumbered advancing ones on the NYSE by a 1.02-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored advancers.

The S&P 500 posted 18 new 52-week highs and 78 new lows; the Nasdaq Composite recorded 34 new highs and 525 new lows.

About 19 billion shares changed hands in U.S. exchanges, the most in over a year, compared with the 13.4 billion daily average over the last 20 sessions.

Wall St ends down in rocky session as U.S. bans Russian oil imports
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (18)
Rob Fordham
Rob Fordham Mar 08, 2022 4:49PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I dont know where this bottoms bit there semms to be a ton of bad news in now. Multiple Fed hikes in. War i Ukraine in. Russia oil block in. Higher inflation in. Pe for SP is getting very close to average and rates will be low even if the fed starta raising. The pendulum has gone full bear market. If we get any good news we rally of course who knows when we will get any good news
Tom Sc
Tom Sc Mar 08, 2022 2:32PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
so many dip buyers getting chopped up everyday because they have been programmed to for years but what they dont understand is that the FED is not back stopping like they have in the past. they just see ARKK stocks for 70% off and buy buy buy
Matt Kay
Matt Kay Mar 08, 2022 1:43PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Cmon, investing! I have never unblocked any of these trolls. In fact, can I request that any comment mentioning trump or biden would be autoblocked? Thaaaanks :P
Parthapratim Khan
Parthapratim Khan Mar 08, 2022 1:39PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Criminals of Wall Street are at full rampage.
Ronald Warren
Ronald Warren Mar 08, 2022 1:33PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I guess they shook out the puts! Here we go!!
Mitchel Pioneer
Mitchel Pioneer Mar 08, 2022 1:29PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Wall Street flagrantly displays their criminal manipulation in living color for the entire world to see today, and unleashes the biggest day of FRAUD in months, as the laughingstock of the investing world continues on its path of financial destruction.  Just when you think the fraud couldn't be elevated, the US Ponzi Scheme doesn't disappoint.
Simon Braun
Simon Braun Mar 08, 2022 1:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
As usual its the US that ends up suffering under Biden.
Casador Del Oso
Casador Del Oso Mar 08, 2022 1:22PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Next thing you know stocks will be going up on news of the upcoming recession
Stan Smith
Stan Smith Mar 08, 2022 1:22PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Its because stock markets are completely dependent on the FED...
Matt Kay
Matt Kay Mar 08, 2022 1:21PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I keep blocking these political trolls and russian bots but they keep coming. I wonder if https://investing.com blocklist has a limit :D
Ed Kutch
Ed Kutch Mar 08, 2022 1:21PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Matt,just read only what you want... I like to see what the trolls are saying now. Not a big deal to me.
Matt Kay
Matt Kay Mar 08, 2022 1:21PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ed Kutch Wish it would be that easy, friend. Political events and propaganda from the last few years made me go bald :(
Stan Smith
Stan Smith Mar 08, 2022 1:20PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This is absurd. Banning Russian Oil will have severe negative economic impacts. How this has been twisted into good news for stocks is likely beyond most sane investor's logic. I suppose it being used as a cover for the FED to pump stimulus into the markets. Complete Lunacy
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email