S&P 500 enters "correction" territory amid Ukraine unrest
CBSN
Stocks dropped on Thursday, as tensions escalated in Ukraine over Russia's decision to send forces into that nation's eastern regions and as the U.S. and its western allies move to retaliate with sanctions.
The S&P 500 fell 44 points, or 1%, to 4,304.83, pushing the benchmark index into correction territory, or more than 10% below its all-time high set in January. The Dow lost 595 points, or 1.4%, to close at 33,594. The tech-heavy Nasdaq composite was down 1.2%.
President Biden on Tuesday afternoon announced new sanctions against Russia as a result of what he called a "Russian invasion of Ukraine," a response to Russia President Vladimir Putin's move to send forces into Ukraine's eastern breakaway regions. Mr. Biden said the sanctions, closely coordinated with allies and partners, will target two large banks in Russia and its sovereign debt.
