The S&P 500 fell 15.21 points, or 0.8%, to close at 1,863.40. It lost 0.1% for the week, leaving it up 0.8% for the year and 1.5% off its record close on April 2.The Dow Jones Industrial Average tumbled 140.19 points, or nearly 0.9%, to finish at 16,361.46. The index shed 0.3% for the week.The Nasdaq Composite slid 72.78 points, or nearly 1.8%, to end at 4,075.56. The index lost 0.5% for the week.
The situation in Ukraine creates uncertainty for markets and traders are probably taking some risk off the table going into the weekend.
Market reaction to a better-than-expected report on consumer sentiment was inaction.d. A gauge from the University of Michigan and Thomson Reuters rose to the highest reading since July and topped expectations.
A number of companies delivered disappointing earnings ahead of the market open.Ford Motor Co. shares fell 3.3% after the car maker’s profit fell more than expected. The company cited safety recalls and weather-related costs in North America as reasons for the results.
Amazon.com Inc. shares dropped 9.9%, weighing on the S&P 500 and the Nasdaq Composite, after the Internet retailer surprised investors with a forecast for a second-quarter operating loss late Thursday. Earnings were stronger than expected, and revenue also slightly beat forecasts.Shares of Visa Inc. fell 5%, making it the Dow’s worst performer, after the credit-card company reported a revenue miss late Thursday.
Bank of America Corp. shares fell 2.4% after a report that the bank is talking about settling with the Justice Department for $10 billion or more over misleading investors on certain securities linked to home loans.
On the plus side, Microsoft Corp. edged up 0.1% after the software giant late Thursday reported fiscal third-quarter profit that topped expectations.
Russian crisis hits global marketsThe Central Bank of Russia hiked its key rate to 7.5% from 7% on Friday, while Standard & Poor’s cut its credit rating on the country to BBB-minus from BBB, keeping its outlook negative. Russia’s blue-chip MICEX index fell 1.6%.