Selling of U.S. stocks picked up momentum midday on reports President Biden will hold a video call this afternoon with European leaders in response to Russia’s military buildup on Ukraine’s borders.
The Dow Jones Industrial Average fell over 1,000 points or 3%, while the S&P 500 lost 3.8% entering a correction, down 10% from its peak. The Nasdaq Composite fell deeper into its own correction off 4%.
“We are now dealing with legitimate risk in the market,” said Jeff Sica, CIO of Circle Squared Alternative Investments.
Oil also fell to the $83 per barrel level.
