S&P 500 confirms Correction as Stocks Stumble on War Fears

The S&P 500’s 1% slump confirmed that the world’s most watched stock index was in a correction for the first time since the 2020 Wall Street plunge brought on by the COVID-19 pandemic.
U.S. investors sold stocks amid growing fears of war between Russia and Ukraine, paring some losses after U.S. President Joe Biden announced a wave of sanctions against Russia.
Those geopolitical concerns have added to recent worries about the possible path of the U.S. Federal Reserve’s interest rate hikes as the central bank attempts to rein in inflation at 40-year highs.