Wall Street's losses mounted Wednesday as world leaders waited to see if Russian President Vladimir Putin orders troops deeper into Ukraine.
Corrections occur regularly, and market pros tend to see them as potentially healthy setbacks that can clear out unjustified market exuberance or excessive risk-taking. But that doesn’t mean they aren’t frightening for investors.Wall Street has been closely watching developments in Ukraine, where Russia has amassed troops for a new potential invasion. Russia has started evacuating its embassy in Kyiv.
“We are clearly, solidly in correction territory at this point,” said Randy Frederick, vice president of trading and derivatives at Charles Schwab. “We need some kind of positive news, and there really isn’t a whole lot right now.”The Dow dropped 464.85 points to 33,131.76, and the Nasdaq slid 344.03 points to 13,037.49. The index is now 18.8% below its November 2021 high.
Retailers and other companies that rely on direct consumer spending also weighed on the market. Amazon fell 3.6% and Starbucks shed 3.7%.Bond yields edged higher. The yield on the 10-year Treasury rose to 1.98% from 1.95% late Tuesday.
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