Stocks slump amid growing fears of Russia-Ukraine conflict

The Dow Jones Industrial Average dropped more than 600 points on Thursday, a fall likely triggered by the tensions between Ukraine and Russia in Europe.

The Dow closed down 1.8 percent, its worst slide yet in 2022, CNBC reported. The S&P 500 dipped 2.1 percent, while the Nasdaq Composite fell 2.9 percent.

Stocks rose briefly earlier this week, after Russia announced it was pulling back troops from Ukraine, where around 150,000 Russian troops had gathered on the border. But U.S. intelligence later warned Russia was increasing its presence, not diminishing it.

On Thursday, Ukraine accused Russian-backed separatist forces of bombing a village in the eastern region of the nation, while the rebel groups pointed a finger at Ukrainian forces for engaging in hostilities.

Also on Thursday, U.S. Secretary of State Antony Blinken warned that Moscow was on the precipice of war.