by Stephen Culp
NEW YORK (Reuters) – The New York Stock Exchange ended in disarray on Monday, as geopolitical tensions between Russia and Western powers over the Ukraine issue nevertheless weighed on the performance of the indices.
The Dow Jones index fell -0.49%, or 171.89 points, to 34,566.17 points.
The broader S&P-500 fell 16.97 points, or -0.38%, to 4,401.67 points.
The Nasdaq Composite advanced for its part by 0.24 points (0.00%) to 13,790.92 points.
All three major Wall Street indexes plunged after the US Secretary of State announced the move of the US Embassy in Ukraine from Kiev to Lviv in the west of the country, which was interpreted as the sign of an impending invasion.
“There are a lot of potential downsides in the markets,” said Paul Nolte, portfolio manager at Kingsview Asset Management.
Fears of an acceleration of monetary tightening in the United States also weighed on the session.
Speaking on CNBC, St. Louis Federal Reserve Chairman James Bullard said the Fed’s “credibility is at stake” in its aim to lower inflation and reiterated his call for in favor of accelerating the pace of rate hikes.
“The market is impacted by Bullard’s comments and warnings about an impending Russian invasion of Ukraine,” said Sam Stovall, head of investment strategy at CFRA Research.
The earnings season is nearing its end and investors are awaiting publications from NVidia and Walmart this week.
(with Devik Jain and Susan Mathew; French version Camille Raynaud)
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