Dow, S&P 500 drop 1% after major sanctions against Russia – Reuters

Dow, S&P 500 drop 1% after major sanctions against Russia – Reuters

Feb 28 (Reuters) - Wall Street's main indexes headed lower on Monday, with bank stocks leading the drop, after the West hit Russia with unprecedented sanctions following its invasion of Ukraine.

JPMorgan Chase & Co (JPM.N), Bank of America (BAC.N) and Goldman Sachs (GS.N) all shed close to 3%, dragging down the S&P 500 banks index (.SPXBK) by 2.7%. The wider financial index (.SPSY) dropped 1.9%, falling the most among the 11 major S&P sectors.

Russia's rouble tanked to record lows, world stock markets fell and safe-haven assets got a boost after the Western allies imposed new sanctions that limited Moscow's ability to deploy its $630 billion foreign reserves and cut off its banks from the SWIFT global payments system. GLOB/MKTS read more