The Dow and Nasdaq logged their fifth-straight daily loss on Wednesday, with the former shedding 464 points to settle at its lowest level this year. Meanwhile, the S&P 500 sank deeper into correction territory to extend its losing streak for a fourth consecutive session.
The ongoing tensions between Russia and Ukraine weighed, with U.S. President Joe Biden announcing sanctions on the company behind the Nord Stream 2 pipeline, while Ukraine urged its citizens to avoid travel to Russia or leave the country immediately. Elsewhere, the European Union (EU) will hold an emergency meeting tomorrow to narrow down its response to the aggravating threat of Russian invasion.
The Dow Jones Average (DJI - 33,131.76) fell 464.9 points or 1.4% for the day. Chevron (CVX) led the two gainers with a 2.4% pop, while Cisco Systems (CSCO) paced the laggards with a 3.3% drop.
The S&P 500 Index (SPX - 4,225.50) shed 79.3 points or 1.8% for the day. Meanwhile, the Nasdaq Composite (IXIC - 13,037.49) dropped 344 points or 2.6% for today's session.
Lastly, the Cboe Market Volatility Index (VIX - 31.02) added 2.2 points or 7.7% for the day.
GOLD CLOSES AT HIGHEST LEVEL SINCE JANUARY 2021
Oil prices edged higher on Wednesday, with Russia-Ukraine headlines dominating the news cycle. Investors are also monitoring a potential nuclear deal with Iran, which could happen within the next few days. In response, April-dated crude rose 19 cents, or 0.2%, to settle at $92.10 per barrel.
Gold prices moved higher as well to settle at their highest level since January 2021. The potential Russia-Ukraine conflict and rising inflation continue to push investors toward the safe-haven yellow metal. April-dated gold added $3, or 0.2%, to finish at $1,910.40 per ounce.
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