NEW YORK, March 2 ― Wall Street ended sharply lower yesterday, with financial stocks bearing much of the damage for a second straight day as the Russia-Ukraine crisis deepened and stirred anxiety among investors.Wells Fargo tumbled 5.8 per cent and the broader banks index declined 4.8 per cent as US 10-year Treasury yields slumped to five-week lows amid a flight to safe-haven debt.
“Investors are swimming in a soup of fear, and they don't know how to incorporate geopolitical news into their pricing,” said Mike Zigmont, head of research and trading at Harvest Volatility Management in New York. “We're dealing with a pure emotional investor response.” On a positive note, data showed US manufacturing activity picked up more than expected in February as Covid-19 infections subsided, while construction spending surged in January.
Defence stocks added to recent gains, with Lockheed Martin Corp and Northrop Grumman rallying over 3 per cent.
Source: News Formal (newsformal.com)
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