The daily business briefing: February 24, 2022

Stocks dive after Russia invades Ukraine, the U.S. imposes sanctions against company building Nord Stream 2 pipeline, and more

Stock trader reacts to Russia's Ukraine invasion
(Image credit: Daniel Roland/AFP/Getty Image)

1. Global stocks plunge after Russia attacks Ukraine

Global stocks dropped sharply early Thursday after Russian President Vladimir Putin announced the start of a military assault against Ukraine, ending months of speculation about an invasion. The United States and its European allies condemned the attack, which they had long warned would trigger severe economic sanctions. London's FTSE 100 dropped 2.5 percent. France's CAC 40 and Germany's DAX fell 4 percent. Russia's main index crashed, falling 45 percent. In Asia, Hong Kong's Hang Seng Index fell 3.2 percent. Japan's Nikkei and China's Shanghai Composite were down 1.8 percent and 1.7 percent, respectively. In the United States, Dow Jones Industrial Average and S&P 500 futures were down 2.5 percent at 6:30 a.m. ET. Nasdaq futures were down 3 percent.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.