Business & Economy

US stock market indexes plunge amid fears about Ukraine war impact

New York, Mar 7 (EFE).- The United States’s main stock market indexes all suffered big hits on Monday amid fears about the growing impact of the Russia-Ukraine war on the global economy.

The Dow Jones Industrial Average closed down 2.37 percent at 32,817.38 and is now officially in correction territory (a drop of more than 10 percent from a recent high of 36,799.65 on Jan. 4).

Along with a further escalation of hostilities in Ukraine, upward pressure on crude and fuel prices (gasoline prices in the US rose to more than $4 a gallon on Monday, a level not seen since mid-2008) was another main cause of the broad sell-off.

The broad-based S&P 500 fell 2.95 percent on Monday to 4,201.09 and is now down almost 12 percent since the start of the year.

But the most battered US index on Monday was the tech-heavy Nasdaq Composite, which plummeted 3.62 percent to 12,830.96 and has now entered so-called “bear market” territory (a drop of 20 percent or more from a recent high). EFE


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