Intensified Ukraine Tensions... New York Stock Market Falls Over 1% Across the Board

[Asia Economy New York=Special Correspondent Joselgina] As concerns over Russia's invasion of Ukraine escalate to a critical point, the New York stock market is showing a widespread decline on the 22nd (local time).

As of 1:12 PM on the day, the Dow Jones Industrial Average on the New York Stock Exchange (NYSE) fell 447.53 points (1.31%) from the previous close to 33,631.65.

The S&P 500 index, centered on large-cap stocks, dropped 43.53 points (1.0%) to 4,305.34, and the Nasdaq index, focused on technology stocks, declined 170.48 points (1.26%) to 13,377.59 compared to the previous close.

The New York stock market was closed the previous day for Presidents' Day.

U.S. President Joe Biden is scheduled to deliver a speech soon regarding the Ukraine situation. Originally set for 1 PM Eastern Time, it was rescheduled to 2 PM.

This follows Russian President Vladimir Putin's approval of independence for the pro-Russian separatist-controlled areas in eastern Ukraine's Donbas region and his order for Russian troops to enter. Subsequently, the Russian Federation Council approved the use of military forces outside Russian territory at Putin's request.

The U.S. is also expected to announce additional sanctions on the day. U.S. Secretary of State Antony Blinken will hold a press conference after meeting with Ukrainian Foreign Minister Dmytro Kuleba in Washington this afternoon.

Amid geopolitical tensions, the U.S. 10-year Treasury yield has risen slightly to the 1.93% range, indicating a drop in bond prices.

Brent crude oil prices briefly exceeded $99 per barrel before falling back to the $97 range. West Texas Intermediate (WTI) crude oil prices are currently trading around $93 per barrel, up more than 2% from the previous close.

Ed Mills, an analyst at Raymond James, said, "Russia's actions will have a significant impact on political relations between Russia and the West, but major market events are unlikely to occur in the near term," while also noting, "We need to monitor the potential for increased market risk."

This content was produced with the assistance of AI translation services.