- Stocks took a pounding, driven by worries about China’s slowing economy and rising tensions in Ukraine, sending the Dow, S&P and Nasdaq to their biggest one-day drops since Feb. 3.
- A report that Russian forces were mobilizing military forces near the Ukrainian border appeared to trigger the downhill slide in the averages, which already were giving back early gains.
- China reported data overnight that indicated a slowdown in the pace of its economic growth, and a report today said increasing concerns about the financial health of bloated industries have caused Chinese banks to cut lending by as much as 20%.
- Markets also may have been unnerved by comments from Stanley Fischer, Pres. Obama's choice for the no. 2 post at the Fed, that the central bank is doing all it can to help the economy, even as it slows down its asset purchases.
- Techs and industrials took the worst shellacking, while utility stocks were the only S&P sector to post gains.
- Treasury prices surged amid the risk-averse atmosphere, with the 10-year yield falling 8 bps to 2.647% despite rising in morning trade.