Stock market down as Russia steps up aggression against Ukraine


The stock market trended down on Tuesday as Russia and Ukraine continued to barrel toward full-scale war, Reuters reported.
Per Reuters, "According to preliminary data, the S&P 500 lost 43.94 points, or 1.01% ... while the Nasdaq Composite lost 164.31 points, or 1.21%." Meanwhile, the Dow Jones Industrial Average "fell 484.09 points, or 1.42%, to 33,595.09."
Stocks actually rebounded slightly after President Biden announced new sanctions against Russia at around 2:30 p.m. ET on Tuesday. Included are measures targeting two large Russian financial institutions, the country's sale of sovereign debt abroad, and Russia's oligarchs and their families.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Biden also said more sanctions will follow if Russia continues its aggression.
But, as scholars Edward Fishman and Chris Miller wrote last month for Politico, "The only sanctions that stand a chance of deterring Putin are going to hurt us, too."
Speaking at a security conference in Munich during the weekend, Vice President Kamala Harris warned that war between Russia and Ukraine would likely result in increased energy costs for Americans. She added that the Biden administration is "taking very specific ... steps to mitigate what that cost might be, if it happens."
According to Bloomberg, the U.S. imports more oil from Russia than from any other nation except Canada.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Grayson Quay was the weekend editor at TheWeek.com. His writing has also been published in National Review, the Pittsburgh Post-Gazette, Modern Age, The American Conservative, The Spectator World, and other outlets. Grayson earned his M.A. from Georgetown University in 2019.
-
Madagascar president in hiding, refuses to resign
Speed Read Andry Rajoelina fled the country amid Gen Z protests and unrest
-
Sanae Takaichi: Japan’s Iron Lady set to be the country’s first woman prime minister
In the Spotlight Takaichi is a member of Japan’s conservative, nationalist Liberal Democratic Party
-
Can Gaza momentum help end the war in Ukraine?
Today's Big Question Zelenskyy’s request for long-range Tomahawk missiles hints at ‘warming relations’ between Ukraine and US
-
Remaking the military: Pete Hegseth’s war on diversity and ‘fat generals’
Talking Point The US Secretary of War addressed military members on ‘warrior ethos’
-
Israel, Hamas agree to first step of Trump peace plan
Speed Read Israel’s military pulls back in Gaza amid prisoner exchange
-
Israel intercepts 2nd Gaza aid flotilla in a week
Speed Read The Israeli military intercepted a flotilla of nine boats with 145 activists aboard along with medical and food aid
-
Japan poised to get first woman prime minister
Speed Read The ruling Liberal Democratic Party elected former Economic Security Minister Sanae Takaichi
-
Israel and Hamas meet on hostages, Trump’s plan
Speed Read Hamas accepted the general terms of Trump’s 20-point plan, including the release of all remaining hostages