US: Ukraine jitters send Wall Street closing lower

[NEW YORK] Major US stock indices finished Thursday's trading lower as fears of a protracted conflict in Ukraine that could harm the global economy sapped traders' enthusiasm.

IMF managing director Kristalina Georgieva warned the Washington-based crisis lender would downgrade its forecast for global growth this year due to the conflict, which has seen Western countries impose stiff sanctions on Russia in response to the invasion of its neighbor.

US government data also showed consumer prices rising at an annual pace not seen for more than 40 years in February, with housing, petrol and food costs increasing the most.

The benchmark Dow Jones Industrial Average closed 0.3 per cent lower at 33,174.07. The broad-based S&P 500 lost 0.4 per cent to 4,259.52.

The tech-rich Nasdaq Composite Index fell 1 per cent to 13,129.96.

Goldman Sachs closed 1.1 per cent lower after becoming the first Wall Street institution to end its operations in Russia in response to the invasion.

United Airlines rose 0.9 per cent in the session after announcing that workers who have been given an exemption to their Covid-19 vaccine mandate could return to their jobs.

Investors are looking ahead to next week, when the Federal Reserve is poised to raise interest rates for the first time since the pandemic broke out.

That is expected to be the first of several increases this year to fight inflation in the United States, but the central bank may not move as aggressively as previously thought due to the potential for growth to slow. AFP