Published: Monday, 3 Mar 2014
By: Kate Gibson | Markets Writer
U.S. stocks declined sharply on Monday, sliding along with other global equities, as worries about Russian intervention in the Ukraine has investors fleeing assets perceived as risky.
Shares of Ford Motor, General Motors and Toyota all declined after the three automakers reported U.S. sales fell in February, a month in which winter weather hit much of the country. Newmont Mining rose along with the price of gold.
Investors sought perceived safe havens on heightened concerns tensions involving Russia’s threat to use military force in Ukraine, which mobilized its army and requested foreign observers. Secretary of State John Kerry was on his way to Kiev Monday after says Russia risked possible sanctions.
“Certainly this might go on for a couple days, but ultimately what matters for stock prices is earnings. This might cause some near-term turbulence, but there is no reason to think this is the end of the rally,” Dan Greenhaus, chief market strategist at BTIG, told CNBC.
Stocks fell to session lows amid unconfirmed reports, from Reuters citing Interfax, that Russian forces may have given Ukrainian forces in Crimea some sort of ultimatum.
“The Crimean showdown has subsequently morphed investors’ torment over demonstrations in Kiev to something on a potentially graver scale,” Andrew Wilkinson, chief market analyst at Interactive Brokers, wrote in an emailed note.
|DJIA||Dow Jones Industrial Average||16140.55||-181.16||-1.11%|
|S&P 500||S&P 500 Index||1844.44||-15.01||-0.81%|
|NASDAQ||Nasdaq Composite Index||4267.40||-40.72||-0.95%|
After falling as much as 250 points, the Dow Jones Industrial Average was lately off 208.87 points, or 1.3 percent, to 16,112.84, with Visa pacing losses that included all 30 of the blue-chip index’s 30 components.