NEW YORK, Feb 23 ― Crude oil futures yesterday reached their highest levels since 2014 on supply concerns and stocks sold off in a volatile session as investors eyed international responses after Russia sent troops into parts of Ukraine.
While the S&P 500 confirmed it is in a correction by closing more than 10 per cent under its record high, it still finished above its session low, reached before Biden spoke. The European Union also agreed on new sanctions against Russia on Tuesday while German Chancellor Olaf Scholz halted the new Nord Stream 2 gas pipeline from Russia and Britain took action against Russian banks.
The Dow Jones Industrial Average closed down 482.57 points, or 1.42 per cent, at 33,596.61, while the S&P 500 lost 44.11 points, or 1.01 per cent, falling to 4,304.76 and the Nasdaq Composite dropped 166.55 points, or 1.23 per cent, to 13,381.52. Yields on US Treasuries edged higher after Biden announced new sanctions on Russia in retaliation for Moscow's dispatch of troops into what it recognized as two breakaway regions of Ukraine, but the bond market reaction was muted overall.
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