Nasdaq Tumbles Over 3 Percent at Open as Russia Invades Ukraine

By Reuters
February 24, 2022 Updated: February 24, 2022

The Nasdaq Composite index tumbled at the open on Thursday, dropping more than 20 percent from its record closing high in November last year and on track to confirm a bear market, after Russia launched an all-out invasion of Ukraine.

The Dow Jones Industrial Average fell 301.43 points, or 0.91 percent, at the open to 32,830.33, falling more than 10 percent from its all-time closing peak on Jan. 4 and on pace to confirm a correction.

The S&P 500 opened lower by 69.73 points, or 1.65 percent, at 4,155.77, while the Nasdaq Composite dropped 449.61 points, or 3.45 percent, to 12,587.88 at the opening bell.

A correction and a bear market are confirmed when an index closes down 10 percent and 20 percent or more, respectively, from its record closing level.

By Susan Mathew and Devik Jain