US stocks close lower with ban on Russian oil imports
Mar 09, 2022 - 07:32 AM
ANKARA (AA) – US stocks ended lower Tuesday as the Biden administration announced a ban on energy imports from Russia.
President Joe Biden earlier signed an executive order banning all imports of Russian oil, liquefied natural gas and coal to the US.
Investors are worried that the ban on crude imports from Russia, one of the world’s three largest oil suppliers, will put upward pressure on oil prices.
In addition, amid the risks of Russia’s war on Ukraine, crude oil prices continue to climb.
Global benchmark Brent crude was trading at $128.82 a barrel, up 2.5%, while US benchmark West Texas Intermediate (WTI) crude was at $124.6 a barrel, up 4.4%.
The Dow Jones Industrial Average fell 184 points, or 0.56%, to 32,632. The S&P 500 was down 30 points, or 0.72%, at 4,170.
The Nasdaq declined 35 points, or 0.28%, to 12,795.
The VIX volatility index, known as the fear index, fell 3.6% to 35.13. The dollar index lost 0.22% to 98.07.
The yield on 10-year US Treasury notes, on the other hand, rose 5.5% to 1.846%.
Precious metals continued to increase, with gold adding 2.7% to $2,051 per ounce and silver rising 2.8% to $26.4 an ounce.