NEW YORK, New York – U.S. stocks fell hard on Tuesday after Europe had to begin rationing gas supplies following supply issues caused by Russia’s Gazprom.
Bond yields fell sharply, pushing Treasurys higher.
“This week is forcing investors to be very short-term oriented. It’s not allowing anybody to lift their eyes up even a week or a month,” Carol M. Schleif, deputy chief investment officer at BMO Family Office told Reuters news agency Tuesday.
“It’s an asset market, not just in stocks, that seems to suggest people think growth is questionable in the intermediate term.”
Technology stocks spearheaded the sell-off with the Nasdaq Composite tumbling 220.09 points or 1.87 percent to 11,562.56.
The Standard and Poor’s 500 dropped 45.80 points or 1.15 percent to 3,921.04.
The Dow Jones industrials weakened 228.50 points or 0.71 percent to 31,761.54.
On foreign exchange markets, the U.S. dollar was mixed. Hit by the developing gas crisis in Europe, the euro tumbled to 1.0127 by the New York close Tuesday.
The British pound advanced to 1.2028. The Japanese yen was a tad weaker at 136.76. The Swiss franc firmed to 0.9626.
The Canadian dollar edged up to 1.2888. The Australian dollar was in demand at 0.6937. The New Zealand dollar traded strongly at 0.6232.
On overseas markets, the FTSE 100 in London finished flat, after the key index rose just 0.02 of a single point. The German Dax declined 0.86 percent. In Paris, France, the CAC 40 dropped 0.42 percent.
In Japan, the Nikkei 225 was down 0.16 percent. The Hang Seng in Hong Kong rallied 1.67 percent. China’s Shanghai Composite gained 0.83 percent.
The Australian All Ordinaries climbed 0.27 percent. South Korea’s Kospi Composite added 0.39 percent. In New Zealand, the S&P/NZX 50 dipped 0.29 percent.