Stocks on Wall Street suffered serious losses on Tuesday as tensions between Russia and Ukraine continue to intensify.

The S&P 500 fell into correction territory, sinking 1% to 4,304 while the Dow Jones Industrial Average shed 482 points to 33,596, the fourth consecutive day it closed in the red. The Nasdaq didn’t fare any better, slipping 1.2% to 13,381.

The VanEck Russia ETF, a US-traded security that invests in Russian assets, suffered a crippling loss of 8.9%.

Oil prices rose as expected, with West Texas Intermediate futures jumping 1.5% to $92.97 a barrel.

At its steepest, the Dow was down more than 700 points, occurring around the time that President Joe Biden announced sanctions on two Russian financial institutions, its sovereign debt, and certain wealthy individuals and their families. Biden said further sanctions will begin rolling out on Wednesday.

The move comes after Russia President Vladimir Putin said he would recognize the independence of two regions in Ukraine and ordered Russian forces into the newly recognized republics for “peacekeeping purposes.”

(YWN World Headquarters – NYC)