Stocks sank even deeper on Monday, with the Dow logging its fifth daily loss in six sessions, shedding almost 800 points, while the S&P 500 turned in its worst day since October 2020, while the S&P 500 saw its biggest one-day loss since Feb. 3. Investors are starting to take into consideration the impact that the Russia-Ukraine conflict could have on the economy, which many worry could begin to stagnate as inflation continues to balloon. Energy prices are still on the rise, however, keeping the wind at many sector members' backs and pushing gas prices to their highest level since 2008, above the $4 mark. Meanwhile, anxieties over a potential economic slowdown left bank stocks floundering.
The Dow Jones Average (DJI - 32,817.38) lost 797.4 points, or 2.4% for the day. Chevron (CVX) led the gainers with a 2.1% jump, while American Express (AXP) paced the losers with an 8% drop.
The S&P 500 Index (SPX - 4,201.09) dropped 127.8 points, or almost 3% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,830.96) shed 482.5 points, or 3.6% for today's session.
Lastly, the Cboe Market Volatility Index (VIX - 36.45) added 4.5 points, or almost 14% for the day.
POTENTIAL RUSSIAN OIL BAN SENDS PRICES SOARING
Oil rose even higher amid news that the U.S. and Britain are considering a ban on Russian oil, with the potential for either side to siphon energy supplies as the Ukraine-Russia conflict continues. Amid the threat of even tighter supplies, April-dated crude added $3.72 or 3.2%, to settle at $119.40 per barrel for the day, marking its highest settlement since September 2008.
Gold prices continued to climb on Monday, briefly topping the $2,000 level before posting their highest settlement since August 2020, as investors retreat even deeper into the "haven" commodity. April-dated gold added $29.30, or 1.5%, to finish at $1,995.90 per ounce.
Comments
Log in or sign up to join the conversation.