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Market Pulse: S&P 500 enters correction for first time in 2 years as Biden calls Russia’s move in Ukraine beginning of an invasion

The Dow industrials tumbled 500 points and the S&P 500 index on Tuesday joined the Nasdaq Composite in correction territory, marking its first such decline since 2020, amid intensifying military tensions between Russia and Ukraine.

The S&P 500 index

closed down 1% to finish at about 4,305, on a preliminary basis, landing the broad-market benchmark in correction for the first time since Feb. 27, 2020, according to Dow Jones Market Data.

The Dow Jones Industrial Average

fell 1.4% to around 33,597.

The Nasdaq Composite Index

closed down 1.2% to roughly 13,382.

Bullish sentiment on Wall Street soured as Russian President Vladimir Putin ordered forces Monday into separatist regions of eastern Ukraine, raising fears that an invasion was about to materialize.

President Joe Biden called Russia’s troop deployment into the Donbas region of Ukraine “the beginning of an invasion” at a Tuesday afternoon news conference, where he also announced a number of sanctions against Moscow that targeted two of its banks, its sovereign debt and wealthy individuals. 

Investors sold consumer discretionary stocks heavily, sending that S&P 500 sector

down over 3% and the energy sector

also fell 1.5%.

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