The New York Times reports:
Global stocks slid on Monday as attacks on Ukraine escalated and governments considered ever-stricter economic penalties on Russia, including cutting off imports of Russian oil. It was Wall Street’s worst day in nearly two years.
The S&P 500 fell 3 percent, its sharpest daily decline since May 2020. The Nasdaq composite dropped 3.6 percent and is now 20 percent off its November record, entering territory known on Wall Street as a bear market, denoting a serious downturn.
Aside from the shock and uncertainty of the war, the conflict has increased concerns about prolonged inflation worldwide, and as stocks slid on Monday, energy prices jumped.
Read the full article.
— Bloomberg (@business) March 7, 2022
Stocks drop following 4 straight weeks of declines, as investors grow increasingly concerned about higher energy prices stemming from the Russia-Ukraine conflict. https://t.co/yfXpbhvsRQ
— MSNBC (@MSNBC) March 7, 2022