At the close of trade, the Dow Jones Industrial Average index declined 597.65 points, or 1.76%, to 33,294.95. The S&P500 index was down 67.68 points, or 1.55%, to 4,306.26. The tech-heavy Nasdaq Composite Index sank 218.94 points, or 1.59%, to 13,532.46.
Declining stocks outnumbered advancing ones on the NYSE exchange by 2049 to 1331 and 130 closed unchanged. In the NASDAQ, 1684 issues advanced, 3094 issues declined, and 252 issues unchanged.
Total 10 of 11 major S&P 500 sector indexes declined, with bottom performing issues were financials (down 3.7%), materials (down 2.3%), information technology (down 2%), industrials (down 1.5%), and consumer discretionary (down 1.34%).
Shares of financials tumbled, weighed down by concerns the sanctions imposed on Russia might significantly hurt the sector. American Express plunged 8.5%, while JP Morgan and Goldman Sachs both shed about 3.7%. Wells Fargo and Bank of America shares too closed sharply lower.
Chevron Corp jumped 4% to close at its highest level ever after the company raised its share buyback program and forecast for operating cash-flow through 2026, and as oil prices surged.
ECONOMIC NEWS: The ISM manufacturing index rose to 58.6 in February from a 57.6 level in January. The gain in the overall index was led by new orders and production
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The IHS Markit manufacturing PMI was revised slightly lower to 57.3 in February 2022 from the flash estimate of 57.5 but was still above the 55.5 reading in January.
Among Indian ADR, INFOSYS fell 1.34% to $22.16, Wipro fell 2.47% to $7.11, HDFC Bank fell 2.9% to $60.37, ICICI Bank fell 5% to $18.50, Tata Motors fell 4.9% to $28.80, WNS Holdings sank 2.6% to $80.48, and Dr Reddys Labs fell 1.4% to $52.66. Azure Power Global added 9.2% to $18.08.
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