Tensions between the United States and Russia over the upcoming referendum in Ukraine’s Crimea region have pushed US stock markets down.
Investors spend much of Friday monitoring developments in Crimea, where residents will vote Sunday on whether to break away to Russia, the Associated Press reports. The US and its European allies have vowed to impose sanctions on Russia if Moscow moves to annex Crimea, where half of residents speak Russian.
The Dow Jones industrial average fell 43.22 points, or 0.3 percent, to end at 16,065.67, according to the report. The Nasdaq composite dropped 15.02 points, or 0.4 percent, to finish at 4,245.40. The Standard & Poor's 500 index slid 5.21 points, or 0.3 percent, to close at 1,841.13.
The market is still pretty close to all-time highs. I think that speaks volumes," said Karyn Cavanaugh, a senior market strategist with ING U.S. Investment Management. The market hasn't been rattled severely by what's been going on this week, therefore I think next week I'd probably expect a similar reaction,” he added.
Experts say if the West imposes economic sanctions on Russia, stocks will even fall further.
