By Caroline Valetkevitch
NEW YORK (Reuters) – Wall Street’s major indexes tumbled on Tuesday, and the S&P 500 confirmed it had entered correction territory, as the Ukraine-Russia crisis kept investors nervous after Russian President Vladimir Putin acknowledged two breakaway regions of the former Soviet republic as independents and sent troops to the area.
The S&P 500 ended down more than 10% from a record close on Jan. 3. A correction is confirmed when an index closes 10% or more below its record closing level.
The indexes pared losses and ended above session lows after US President Joe Biden announced the first wave of sanctions against Moscow, while saying he hoped diplomacy was still available.
Biden added that the US has no intention of fighting Russia. He said the sanctions, among other elements, target Russian banks and sovereign debt.
The measures announced by Biden were not as harsh as some investors feared, said Alan Lancz, president of Alan B. Lancz & Associates Inc., an investment advisory firm based in Toledo, Ohio.
But he said the relief was likely temporary as the Ukraine-Russia crisis was not over.
All major S&P 500 sectors ended lower, with cyclicals, including consumer discretionary and energy, leading losses.
The S&P 500 index closed down 1.01% at 4,304.76 points. The Dow Jones fell 1.42% to 33,596.61 points. The Nasdaq Composite technology index fell 1.23% to 13,381.52 points.
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