Russia-Ukraine Crisis: A Double-Edged Sword
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S&P 500 confirms correction; Ukraine-Russia crisis keeps investors on edge
Wall Street's main indexes fell on Tuesday, with the S&P 500 confirming a correction, as the Ukraine-Russia crisis kept investors on edge after Russian President Vladimir Putin recognized two breakaway regions in the country and ordered troops to the area.
The S&P 500 ended down more than 10% from its Jan. 3 closing record high. A correction is confirmed when an index closes 10% or more below its record closing level.Stock market pullback, correction, crash: How to tell the difference
Indexes pared losses and ended off their lows of the session after U.S. President Joe Biden announced the first wave of sanctions against Russia, while saying he was hopeful diplomacy is still available.
Biden added that the United States had no intention of fighting Russia. He said the sanctions, among others things, target Russian banks and sovereign debt.
All major S&P 500 sector ended lower on the day, led by losses in cyclical sectors including consumer discretionary and energy.
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