PRODUCT PROFILE

Latest Dublin Prices

NAME
LATEST
CHANGE
Aer Lingus 1.42 0.00 more
BoI 0.32 0.00 more
CRH 17.75 -0.40 more
Glanbia 11.15 -0.02 more
Greencore 0.64 -0.02 more
Ind. News 0.12 0.01 more
Ryanair 7.39 -0.06 more

 

Wall St falls on Ukraine tensions

Monday, March 03 15:49:15

U.S. stocks fell today alongside other risk assets globally as Ukraine and Russia prepared for possible war after Russian President Vladimir Putin declared he had the right to invade his neighbour.

Ukraine mobilised for war on Sunday and Washington threatened to isolate Russia economically as Moscow's biggest confrontation with the West since the Cold War unfolded.

The S and P 500 had closed at a record high on Friday, and profit-taking was expected on Wall Street due to the political uncertainty.

"There's been a very significant rally," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey. "If you need an excuse to sell, this is a good one."

Russian stocks and bonds fell sharply and the central bank hiked interest rates to defend the rouble. The MICEX index of Moscow stocks tumbled 11 percent to 1,288.81. The dollar-denominated RTS stock index tumbled 12 percent.

The Market Vectors Russia ETF fell 7 percent in heavy volume, hitting a session low of $22.16, its lowest in 4-1/2 years.

Energy stocks could lose if relations between the United States and Russia deteriorate further. Volatility will likely spike alongside the uncertainty of the situation.

"Anything that involves a boycott of Russian supplies, which are very significant, could impact the energy sector dramatically," said Meckler.

"In situations like this, you see very quick reactions reverse as people understand the scenario and how things play out."

The initial reaction in energy stocks was on the upside, however, as both Brent and U.S. crude prices rose more than 2 percent each.

The Dow Jones industrial average fell 160.16 points or 0.98 percent, to 16,161.55, the S and P 500 lost 15.52 points or 0.83 percent, to 1,843.93 and the Nasdaq Composite dropped 41.87 points or 0.97 percent, to 4,266.249.