Global stocks suffered sharp losses amid rising tensions between Ukraine and Russia which continues to unsettle market participants.
US stocks extended losses on Tuesday with the major indices The Down, S&P 500 and the Nasdaq falling sharply. At market close, the Dow Jones plunged more 1.41%, the Nasdaq 100 fell by 0.99% (139 points) as the S&P 500 declined by 1.02%.
International media on Tuesday reported that Russian President Vladimir Putin had moved to recognize the self-proclaimed Donbass republics as independent and ordered the deployment of Russian peacekeepers to the Ukrainian regions. The move resulted in the United States, United Kingdom and the European Union imposing sanctions against Russia.
During his address, Putin defined the situation in the Donbass as “increasingly critical.” However, he added that a substantive and detailed conversation is needed “because the matter is very serious.”
United States President Joe Biden accused Putin of threatening “global peace and security” with his actions regarding Ukraine adding that Washington and its allies are still open to a diplomatic solution to the crisis.
According to European Commissioner for Economy Paolo Gentiloni, Russia’s “violation of international law” in recognizing the two separatist states in Ukraine’s Donbass region “strongly increases” economic uncertainty and poses a risk to growth and pandemic recovery.
Global Stocks
Digital World Acquisition Corp. (DWACU) a blank check company tied to former President Donald Trump’s media company, surged higher Tuesday after the ‘Truth Social’ app topped all downloads on Apple’s online store.
Trump’s new social-media venture launched late Sunday. It’s currently the top free app in the U.S. available on the iPhone, above HBO Max and Wordle. The limited launch followed an earlier test launch. Truth Social is not yet available on Android or the web.
Following the surge in tensions, prices of crude oil rose in overnight trade with West Texas Intermediate trading above $93 a barrel and Brent climbing above $97, just hours after Putin ordered Russian troops “to maintain peace” in separatist-held areas of Ukraine.
READ; Hisa Unveils US Stock Market Investing For Kenyans as Regulator Issues No Objection
