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.
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.
Sign up for Today's Best Articles in your inbox
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.
-
Has the Taliban banned women from speaking?
Today's Big Question 'Rambling' message about 'bizarre' restriction joins series of recent decrees that amount to silencing of Afghanistan's women
By Harriet Marsden, The Week UK Published
-
Cuba's energy crisis
The Explainer Already beset by a host of issues, the island nation is struggling with nationwide blackouts
By Rebekah Evans, The Week UK Published
-
Putin's fixation with shamans
Under the Radar Secretive Russian leader, said to be fascinated with occult and pagan rituals, allegedly asked for blessing over nuclear weapons
By Harriet Marsden, The Week UK Published
-
Chimpanzees are dying of human diseases
Under the radar Great apes are vulnerable to human pathogens thanks to genetic similarity, increased contact and no immunity
By Harriet Marsden, The Week UK Published
-
Deaths of Jesse Baird and Luke Davies hang over Sydney's Mardi Gras
The Explainer Police officer, the former partner of TV presenter victim, charged with two counts of murder after turning himself in
By Austin Chen, The Week UK Published
-
Quiz of The Week: 24 February - 1 March
Puzzles and Quizzes Have you been paying attention to The Week's news?
By Sorcha Bradley, The Week UK Published
-
Will mounting discontent affect Iran election?
Today's Big Question Low turnout is expected in poll seen as crucial test for Tehran's leadership
By Sorcha Bradley, The Week UK Published
-
Sweden clears final NATO hurdle with Hungary vote
Speed Read Hungary's parliament overwhelmingly approved Sweden's accession to NATO
By Peter Weber, The Week US Published