Dow sheds nearly 600 points as investors monitor Russia-Ukraine conflict

A trader works at the New York Stock Exchange in New York, the United States, Feb. 28, 2022. (Allie Joseph/NYSE/Handout via Xinhua)

The Dow decreased 597.65 points, or 1.76 percent. The S&P 500 and the Nasdaq fell 1.55 percent and 1.59 percent respectively.

NEW YORK, March 1 (Xinhua) -- U.S. stocks fell sharply on Tuesday as investors nervously monitored the military conflict between Russia and Ukraine.

The Dow Jones Industrial Average decreased 597.65 points, or 1.76 percent, to 33,294.95. The S&P 500 fell 67.68 points, or 1.55 percent, to 4,306.26. The Nasdaq Composite Index dropped 218.94 points, or 1.59 percent, to 13,532.46.

Ten of the 11 primary S&P 500 sectors ended in red, with financials down 3.71 percent, leading the laggards. Energy rose 1.03 percent, the lone gaining group.

U.S.-listed Chinese companies traded flat with five of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

Investors remained concerned as Russia-Ukraine conflict continues, clouding the outlook for global growth.

Russia will continue its special military operation in Ukraine until achieving the main goal of defending itself from Western threats, Defense Minister Sergei Shoigu said Tuesday.

A trader works at the New York Stock Exchange in New York, the United States, Feb. 25, 2022. (Xinhua/Wang Ying)

The second round of peace talks between Russia and Ukraine could take place on Wednesday, the TASS news agency reported Tuesday citing sources.

The first round of the negotiations, which lasted about five hours, concluded on Monday in Belarus' Gomel region, with no clear breakthrough.

Investors also digested a slew of mixed economic data. The IHS Markit final U.S. manufacturing purchasing managers index (PMI) rose to 57.3 in February from 55.5 in January, lower than market expectation of 57.5.

The Institute for Supply Management (ISM) reported its manufacturing PMI at 58.6 percent, an increase of one percentage point from the January reading of 57.6 percent.