Wall Street drops on Ukraine conflict worries

12 Feb 2022 , 11:30 AM

Stocks fell after the White House warned that Russia may soon invade Ukraine and as investors assessed a survey showing a slump in consumer sentiment on concerns about high inflation. The sell off in equities sped up in afternoon trading after reports indicated the U.S. expects Russian President Vladimir Putin to invade Ukraine within days, and that Moscow has communicated those plans to the Russian military.

The Dow Jones Industrial Average ended down 503.53 points, or 1.43%, at 34,738.06; the S&P 500 lost 85.44 points, or 1.90%, at 4,418.64; and the Nasdaq Composite dropped 394.49 points, or 2.78%, to 13,791.15.

In economic data, the University of Michigans preliminary February gauge of consumer sentiment fell to 61.7, from Januarys level of 67.2, the lowest reading since October of 2011.

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