Investors weary about Ukraine, plunging the NASDAQ and DOW Monday
By Staff Writer
(INTELLIHUB) — It looks as if the conflict in the Ukraine could lead to rapid financial decline of the U.S. economy as the markets were already in turmoil Monday.
The Standard & Poor’s 500 Index fell 0.8 percent to 1,844.28 at 10:46 a.m. in New York. The gauge closed at a record on Feb. 28. The Dow Jones Industrial Average dropped 162.57 points, or 1 percent, to 16,159.14. Trading in S&P 500 stocks was 4.1 percent below the 30-day average at this time of day.
“Global markets typically sell off on news of an escalated geopolitical crisis like we’re seeing in Ukraine; how deep it goes depends on the effectiveness of diplomacy,” Frederic Dickson, chief investment strategist who helps oversee $44.5 billion at D.A. Davidson & Co. in Lake Oswego, Oregon, said in a telephone interview. “We’re in a camp that this is not a black swan event that will mark the end of the five year bull market for stocks in the U.S. and globally, but a modest correction event.”
It’s not yet known what tomorrow’s score may look like in the markets. However, precious metals are anticipated to be on the rise.