Stocks Drop Sharply As Market Eyes Fed, Ukraine Tensions

Stocks fell sharply as investors anticipate inflation-fighting measures from the Federal Reserve and fret over the possibility of conflict between Russia and Ukraine.

Stocks extended their three-week decline on Wall Street and put the benchmark S&P 500 on track to close in what the market considers a correction, a drop of 10% or more from its most recent high.

The Dow Jones Industrial Average dropped more than 1,000 points at one point.

Stocks have fallen for much of this year as the market readies for the Fed to raise interest rates to try to tame inflation, which is at its highest level in nearly four decades.