Stocks slid to start the holiday-shortened week, and the S&P 500 closed in correction territory as tensions brewed between Russia and Ukraine.
The Dow Jones Industrial Average lost more than 480 points on Tuesday, pushed lower by an almost 9% drop in Home Depot. Tuesday was the Dow's fourth straight session of losses.
The broad-market index dropped 1% and ended the day in correction territory — more than 10% off its most recent all-time high close. The technology-heavy Nasdaq Composite fell 1.2%. Stocks, however, closed off their lows of the day.
Investors sold riskier assets after Russian President Vladimir Putin said Monday that he would recognize the independence of two breakaway regions in Ukraine. President Joe Biden then announced sanctions on Russian bank VEB and its military bank, Russia's sovereign debt and certain wealthy individuals and their families.
