US: Wall Street closes lower as Ukraine crisis grinds on New York

[NEW YORK] Major US stock indices finished trading lower on Friday (Mar 11), ending a downbeat week with further losses as investors were rattled over the fallout from Russia's invasion of Ukraine.

The US, EU and G7 countries announced they would end normal trade relations with Moscow in response to its attack on its neighbor, while Washington and Brussels also cut of exports of luxury goods to Russia.

Traders are bracing for next week's two-day Federal Reserve meeting beginning Tuesday, when the US central bank has strongly signaled it will increase interest rates for the first time since Covid-19 broke out to fight inflation.

The benchmark Dow Jones Industrial Average dropped 0.7 per cent to 32,944.19, while the broad-based S&P 500 fell 1.3 per cent to 4,204.31.

The tech-rich Nasdaq Composite Index fell 2.2 per cent to 12,843.81.

Facebook parent Meta closed 3.9 per cent lower after it said it would temporarily ease its policy on violent speech over the war in Ukraine, allowing statements like "death to Russian invaders" but not credible threats against civilians.

Electric automaker Rivian was down 7.6 per cent after losing as much as 15 per cent on Thursday following its announcement that it would produce fewer cars than expected. AFP