Stocks Decline as Biden Proposes Russia Sanctions: Markets Wrap
- S&P 500 enters correction territory; 10-year Treasuries flat
- Putin orders ‘peacekeeping’ forces to Ukraine separatist areas
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Stocks fell, pushing the S&P 500 into a correction, as the imposition of sanctions against Russia over its Ukraine militancy put further stress on a market that has shown signs of buckling over the Federal Reserve’s efforts to subdue inflation.
The S&P 500 declined 1%, bringing its losses from a January high to 10%, as investors weighed the potential damage from sanctions targeting Russia’s elite and sovereign debt abroad. The European Union and U.K. also signaled they are ready to impose further penalties unless Putin changes course. However, the Russian president has denied plans to invade Ukraine.