Inflation and Ukraine tensions jolt U.S. stocks
CBSN
Stocks slumped on Friday, falling sharply in afternoon trading as the threat of a possible Russian invasion of Ukraine piled on to mounting concerns about U.S. inflation.
Financial markets dived around 1:30 p.m. Eastern time, with losses for the S&P 500 nearly tripling in about half an hour. Similar downdrafts swept through other markets as investors pulled money out of riskier assets like stocks in favor more stable investments like bonds and gold.
The S&P 500 slid after the White House encouraged all U.S. citizens to leave Ukraine in the next 24 to 48 hours, before possible military action by Russia. The index lost 85 points on the day, or 1.9%, to close at 4,419. The Dow fell 1.4%, while the tech-heavy Nasdaq Composite dropped 2.8%, capping a loss for both indexes this week.
