Dow tumbles over 460 points, S&P 500 falls deeper into correction

2022-02-24 02:57:52 GMT2022-02-24 10:57:52(Beijing Time) Xinhua English

NEW YORK, Feb. 23 (Xinhua) -- U.S. stocks had another brutal session on Wednesday, pressured by mounted tensions over Ukraine and fears of aggressive policy tightening from the Federal Reserve.

The Dow Jones Industrial Average fell 464.85 points, or 1.38 percent, to 33,131.76. The S&P 500 slid 79.26 points, or 1.84 percent, to 4,225.50, down nearly 12 percent from its record close set on Jan. 3, falling deeper into correction territory.

The Nasdaq Composite Index shed 344.03 points, or 2.57 percent, to 13,037.49, off more than 18 percent from its November closing record to near a bear market.

A decline of 10 percent or greater from a recent peak is considered a correction for a stock index, while a fall of 20 percent or greater is commonly defined as a bear market.

Ten of the 11 primary S&P 500 sectors ended in red, with consumer discretionary and technology down 3.42 percent and 2.56 percent, respectively, leading the laggards. Energy rose 1.01 percent, the lone gaining group.

U.S.-listed Chinese companies traded mostly lower with nine of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.

The above market weakness came as investors nervously eyed updates concerning the geopolitical tensions over Ukraine.

Meanwhile, concerns over inflation and a hawkish Federal Reserve also gripped Wall Street.

According to the CME Group's Fedwatch tool, investors are betting that there's a 100 percent chance of a rate hike at the Fed's March meeting. 

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