Wall Street ends week on sour note amid Ukraine tension
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Traders work on the floor of the New York Stock Exchange.
PHOTO: AFP
NEW YORK (AFP) - The ongoing standoff between Russia and Ukraine as well solidifying expectations of a Federal Reserve rate increase next month, sent US stock indices closing lower on Friday (Feb 18).
There was no sign of a letup in the tensions between the two eastern European countries, and markets fear that if Russian troops cross into Ukraine, sanctions threatened by western nations would rock energy and other sectors.
Wall Street also is bracing for the Federal Reserve to launch a series of increases in the benchmark lending rate.
Two top Fed officials said a rate hike at the March policy meeting would be "appropriate," though New York Fed President John Williams said there was no need for a "big" increase of more than a quarter percentage point.
The benchmark Dow Jones Industrial Average ended 0.7 per cent lower at 34,079.18, and the broad-based S&P 500 also fell 0.7 per cent to 4,348.87.
The tech-rich Nasdaq Composite Index lost 1.2 per cent to end at 13,548.07.
American Airlines closed 1.9 per cent lower after slashing more international flights this summer due to delays in deliveries of Boeing 787 jets.
