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.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

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.

Sign up

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.