U.S. stocks slid Tuesday, the first day of March, as oil prices surged and investors continued to monitor the fighting between Russia and Ukraine
The Dow Jones Industrials weakened 598.64 points, or 1.8%, to end Tuesday at 33,294.95.
The S&P 500 stumbled 67.7 points, or 1.6%, to 4,306.24.
The NASDAQ Composite Index dropped 218.94 points, or 1.6%, to 13,532.46.
Financial stocks were some of the biggest losers on the day, with Bank of America down 3.6%, Wells Fargo off 5% and Charles Schwab tumbling more than 6%.
The lower bond yields could potentially take a bite out of bank profits, while the conflict in Eastern Europe and sanctions on Russia have some traders worried about disruption in credit markets.
Some of the market's losses were offset by strong Target earnings, as the big box retailer posted profit of $3.19 a share that was well ahead of Wall Street estimates. Shares jumped 11%.
The lower bond yields could potentially take a bite out of bank profits, while the conflict in Eastern Europe and sanctions on Russia have some traders worried about disruption in credit markets.
As corporate earnings season winds down, cloud giant Salesforce reports results after the close.
The decline in stocks came as satellite cameras captured a convoy of Russian military vehicles apparently on its way to Kyiv, the Ukrainian capital.
The continued aggression from Russia pushed energy prices higher. West Texas Intermediate crude futures jumped 5% on Tuesday morning, breaking above $101 per barrel and hitting its highest level in seven years.
On the economic front, construction spending data for January came in well above expectations, while purchasing manager's index readings from the Institute for Supply Management and Markit were both roughly in line with estimates.
Prices for the 10-year Treasury gained sharply, lowering yields to 1.72% from 1.83% on Monday. Treasury prices and yields move in opposite directions.
The price of oil leaped $8.65 to $104.37 U.S. a barrel.
Gold prices ballooned $46.00 to $1,946.70 U.S. per ounce.