Wells Fargo tumbled 5.8% and the broader banks index declined 4.8% as U.S. 10-year Treasury yields slumped to five-week lows amid a flight to safe-haven debt.
Reuters
March 02, 2022 / 07:02 AM IST
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Wall Street ended sharply lower on Tuesday, with financial stocks bearing much of the damage for a second straight day as the Russia-Ukraine crisis deepened and stirred anxiety among investors.
Ten of the 11 S&P 500 sector indexes fell, led by financials, down 3.7%.
Wells Fargo tumbled 5.8% and the broader banks index declined 4.8% as U.S. 10-year Treasury yields slumped to five-week lows amid a flight to safe-haven debt.
Chevron Corp (CVX.N) jumped 4% to close at its highest level ever after the company raised its share buyback program and forecast for operating cash-flow through 2026, and as oil prices surged. read more
The energy index (.SPNY) rose about 1%.
Russia warned Kyiv residents to flee their homes and rained rockets on the city of Kharkiv as Russian commanders intensified their bombardment of Ukrainian urban areas in a shift of tactics after their six-day assault stalled.
The conflict has drawn sharp reprisals from the West including the blocking of certain Russian lenders’ access to the SWIFT international payment system.
“Investors are swimming in a soup of fear, and they don’t know how to incorporate geopolitical news into their pricing,” said Mike Zigmont, head of research and trading at Harvest Volatility Management in New York. “We’re dealing with a pure emotional investor response.”
The Dow Jones Industrial Average fell 1.76% to end at 33,294.95 points, while the S&P 500 lost 1.55% to 4,306.24.
The Nasdaq Composite dropped 1.59% to 13,532.46.
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