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U.S. stocks are down sharply Tuesday afternoon as selling continues unabated at several counters amid rising worries about the likely economic impact of the ongoing Russia-Ukraine conflict and the stringent sanctions imposed on Russia by the U.S. and several Western countries.<\/p>\n
According to reports, Russian rockets have hit the center of the Ukrainian city of Kharkiv, and a long line of tanks was heading toward Kyiv.<\/p>\n
The first round of talks between Russia and Ukrain ended without a breakthrough. Ukrainian President Volodymyr Zelensky said that the second round of talks aimed at ending Russia’s attack on Ukraine will take place soon.<\/p>\n
Crude oil’s steep rise has raised concerns about inflation, adding to the woes.<\/p>\n
The major averages are all down with sharp losses. The Dow, which tanked to 33,107.67, is down 591.08 points or 1.74 percent at 33,301.52. The S&P 500 is down 62.51 points or 1.4 percent at 4,311.43, while the Nasdaq is down 183.30 or 1.33 percent at 13,568.10.<\/p>\n
Financial stocks are among the most prominent losers with traders pressing sales amid concerns over the potential impact of the sanctions imposed on Russia.<\/p>\n
American Express is plunging more than 8 percent. JP Morgan and Goldman Sachs are down 5 percent and 4 percent respectively.<\/p>\n
Boeing is declining more than 6 percent. Visa, Nike, Honeywell International, Caterpillar, McDonalds, Walt Disney, Intel, Cisco Systems, Apple, IBM and Microsoft are down 1 to 4 percent.<\/p>\n
In U.S. economic news, the IHS Markit US Manufacturing PMI was revised lower to 57.3 in February of 2022, from a preliminary estimate of 57.5 but above the previous month’s final reading of 55.5.<\/p>\n
According to a report from the Institute for Supply Management, the ISM Manufacturing PMI for the US rose for a second straight month to 58.6 in February of 2022 from 57.6 in January and compared to market forecasts of 58. This latest reading showed that the overall economy<\/span> expanded for the 21st consecutive month. <\/p>\n In overseas trading, stock markets<\/span> across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan’s Nikkei 225 Index jumped by 1.2 percent, while China’s Shanghai Composite Index advanced by 0.8 percent.<\/p>\n The major European markets ended sharply lower today. The U.K.’s FTSE 100 shed 1.72 percent, Germany’s DAX tumbled 3.85 percent and France’s CAC 40 fell 3.94 percent, while the pan European Stoxx 600 declined 2.37 percent.<\/p>\n In commodities trading, West Texas Intermediate Crude oil futures are up $7.54 or about 7.9 percent at $103.26 a barrel. Gold futures are rising $41.40 or 2.17 percent at $1,942.10 an ounce. <\/p>\n<\/p>\n Business News<\/p>\n<\/div>\n