U.S. stocks drop on Ukraine-Russia crisis

U.S. stocks dropped on Monday as worries over the situation in Ukraine and Russia escalated after Russian President Vladimir Putin declared his intentions to invade Ukraine.

The S&P 500 was expected to drop on gains locking after it had closed at a record high on Friday, due to the political uncertainty.

The Market Vectors Russia ETF dropped as much as 9% to a four and a half year low of $22.16.

The Commerce Department reported earlier that personal spending increased by 0.4% in January, higher than forecasts for an increase of 0.1%, which supported U.S. stocks.

The Dow Jones industrial average dropped 153.68 points or 0.94%, to end at 16,168.03. The S&P 500 dropped 13.72 points or 0.74%, to end at 1,845.73. The NASDAQ Composite Index dropped 30.818 points or 0.72%, to close at 4,277.301.

Among top Dow Jones Industrial Average performers were Home Depot, down 0.06%, AT&T, down 0.20%, and United Technologies, down 0.21%.

Among the Dow Jones Industrial Average’s worst performers were Visa, down 2.04%, 3M, down 1.90%, and Walt Disney, down 1.68%.

At the close of European trade, the EURO STOXX 50 dropped 2.94%, France’s CAC 40 dropped 2.66%, while Germany’s DAX 30 dropped 3.44%. In the U.K., the FTSE 100 dropped 1.49%.

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