August 8, 2022

Dubai Week

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"Wall Street" falls during the week amid expectations of a crisis in Ukraine

“Wall Street” falls during the week amid expectations of a crisis in Ukraine

Wall Street closed down after escalating tensions in Ukraine and US warnings of a possible Russian invasion drove investors out of risky bonds over the long weekend.

The Nasdaq fell sharply on the back of declines in high-growth stocks, including Apple, Amazon and Microsoft.

Pro-Russian separatists blocked public buses from dividing areas in eastern Ukraine, another development of the conflict that Moscow plans to use to justify a full-scale invasion of its neighbor. Russia has denied plans to invade Ukraine, accusing the West of being “thirsty for fear”. Speculation about the central bank’s next move also weighed on the stock.

John Williams, chairman of the Federal Reserve Bank of New York, said it was appropriate to raise interest rates in March without setting a cap.

“It’s a chaotic market, confusing about Ukraine, confused about how aggressive the reserves are, and it is often overlooked,” said Tim Kroszky, chief portfolio strategist at investment firm Engels & Snyder. Very strong earnings results from the fourth quarter. ”

The Dow Jones Industrial Average fell 0.68 percent to 340097.18 points, while the Standard & Poor’s Index fell 0.72 percent to 4,348.87 points. The Nasdaq Composite Index fell 1.23 percent to 13,548.07 points.

Intel Corp. ‘S stock fell 5.3 percent to its lowest level since 2020. Roku Inc. ‘S share fell 22 percent after a sharp quarterly earnings and first-quarter opportunities.

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