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Banks weigh on Wall Street after new Russia sanctions; Dow falls 440 points

The S&P 500 fell 44.39 points, or 1.01%, to 4,340.26, the Nasdaq Composite slipped 81.87 points, or 0.60%, to 13,612.75

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Photo: Reuters

Reuters
Wall Street's main indexes headed lower on Monday, with bank stocks leading the drop, after the West hit Russia with unprecedented sanctions following its invasion of Ukraine.

JPMorgan Chase & Co, Bank of America and Goldman Sachs all shed close to 3%, dragging down the S&P 500 banks index by 2.7%. The wider financial index dropped 1.9%, falling the most among the 11 major S&P sectors.

Russia's rouble tanked to record lows, world stock markets fell and safe-haven assets got a boost after the Western allies imposed new sanctions that limited Moscow's ability to deploy its $630 billion foreign reserves and cut

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First Published: Feb 28 2022 | 10:00 PM IST

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