Dow tumbles 1,000 points as Russia, Ukraine tensions rise

Posted 112 days ago

From WWW.FOXBUSINESS.COM

Selling of U. S. stocks picked up momentum midday on reports President Biden will hold a video call this afternoon with European leaders in response to Russia’s military buildup on Ukraine’s borders.

The Dow Jones Industrial Average fell over 1,000 points or 3%, while the S&P 500 lost 3.8% entering a correction, down 10% from its peak. The Nasdaq Composite fell deeper into its own correction off 4%.

"We are now dealing with legitimate risk in the market," said Jeff Sica, CIO of Circle Squared Alternative Investments.

Oil also fell to the $83 per barrel level.

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In stocks, Peloton shares are in focus after the Wall Street Journal reported activist investor Blackwells Capital LLC is calling for CEO John Foley to fired after he denied reports that the company was pausing production on bikes and Treads. The stock clocked its worst day in decade last Thursday.

Kohl's shares jumped after the company confirmed it has received multiple takeover offers without naming names. Over the weekend, a group backed by Starboard Value reportedly offered the company a deal valued at $64 per share, according to the Wall Street Journal. Separately, Engine Capital, in a letter to the retailer's board, urged management to accept the deal.

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