U.S. stocks tumble as oil prices rise, Dow Jones drops 449 points

NEW YORK, New York – U.S. stocks tanked on Wednesday as there appeared to be no end in sight for the war in Ukraine, and oil prices shot up above $120 a barrel.

“These geopolitical problems are sort of hanging over the market,” Stephen Massocca, senior vice president at Wedbush Securities in San Francisco told Reuters Wednesday.

“The resurgence of oil prices is giving people pause. There needs to be a resolution with Russia. That’s going to hold the market back,” he said.

The Nasdaq Composite lost 186.21 points, or 1.32 percent, to 13,922.60.

The Dow Jones Industrial Average shed 448.96 points, or 1.29 percent, to 34,358.5.

The Standard and Poor’s 500 gave up 55.37 points, or 1.23 percent, to 4,456.24.

The U.S. dollar gained against a basket of currencies but fell against the commodity bloc.

Oil-starved Japan saw its currency, the yen, dive to 121.13 by the New York close Wednesday. The euro lost half a cent to 1.1008, as did the British pound to 1.3203. The Swiss franc eased to 0.9304.

The Canadian dollar edged up to 1.2562. The Australian dollar rose to 0.7500. The New Zealand dollar was stronger at 0.6973.

On overseas equity markets, the German Dax tumbled 1.31 percent. The Paris-based CAC 40 dropped 1.17 percent. The FTSE 100 min London declined 0.22 percent.

In stark contrast to the rest of the world, Asian markets advanced. Japan’s Nikkei 225 surged 816.05 points or 3.00 percent to 28,040.11.

In Hong Kong, the Hang Seng jumped 281.73 points or 1.29 percent to 22,171.03.

China’s Shanghai Composite advanced 11.17 points or 0.34 percent to 3,271.03.

The Australian All Ordinaries climbed 44.30 points or 0.58 percent to 7,665.00.

South Korea’s Kospi Composite gained 25.05 points or 0.92 percent to 2,735.05.

In New Zealand, the S&P/NZX 50 went against the trend, shedding 143.69 points or 1.18 percent to 12,061.00.

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