US stocks sink on Ukraine crisis concerns

US stocks opened sharply lower Thursday as Ukraine crisis worries surged, offsetting upbeat encouraging US economic growth and unemployment data.

AFP| Last Updated: Aug 28, 2014, 21:14 PM IST

New York: US stocks opened sharply lower Thursday as Ukraine crisis worries surged, offsetting upbeat encouraging US economic growth and unemployment data.

The Dow Jones Industrial Average slid 76.69 points (0.45 percent) to 17,045.32, while the tech-rich Nasdaq Composite dropped 18.81 (0.41 percent) to 4,550.82.

The broad-market S&P 500 pulled back from Wednesday`s record close, shedding 8.01 (0.40 percent) at 1,992.11.

Stocks were under pressure "as a flare-up in Ukrainian concerns is weighing on sentiment and overshadowing stronger-than-expected domestic reports on jobless claims and 2Q GDP," Charles Schwab said.

The Commerce Department reported the US economy expanded at a 4.2 percent annual rate in the second quarter, revising upward its 4.0 percent July estimate.

New claims for unemployment insurance benefits, a sign of the pace of layoffs, fell last week and the four-week moving average also moved lower, Labor Department data showed.