Tensions rise as Russians move into country that fears it could be the next Ukraine

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Stocks turn lower after BoE comments spook market

STORY: U.S. stocks took a sharp turn lower in the last hour of trading Tuesday, after the Bank of England indicated it would support the country’s bond market for just three more days adding to market jitters. The Dow, which had been up solidly before the reversal, was able to eke out a fractional gain. The S&P 500 lost about two thirds of percent, while the Nasdaq dropped more than a percent.Bank of England Governor Andrew Bailey, speaking in Washington, D.C., told pension fund managers to finish rebalancing their positions by Friday when the British central bank is due to end its emergency support program for the country’s bond market.BAILEY SOT: We think the rebalancing must be done. And my message to the funds involved and all the firms involved managing those funds: You’ve got three days left now. You’ve got to get this done.” Because again, part of the essence of financial stability intervention is that it is clearly temporary.George Cipollini is a portfolio manager at Penn Mutual Asset Management says the UK turmoil is just one challenge of many for this market. “We’ve seen a lot of reversals through out the day in the markets. Part of the reason is there’s so many big headlines that are a risk to the market. And so we could get a bad headline out of the Ukraine and out of Russia for example, or we could get another company go bankrupt. //A lot of situations that we’re seeing, especially in the UK pension market, which is the perfect example, these companies, that’s not a one-time thing. So even the UK had to backstop its pension fund market again. // We also could get some… any kind of indication that that inflation number might come in a little hot and hopefully that is not the case but, yeah, we’ve seen a ton of reversals throughout the year and it certainly is more common than it’s been in other years.”Adding to recent fears about the economy was the International Monetary Fund, which predicted a meager 1.6% growth in the U.S. economy this year and its chief economist said “the worst was yet to come.”Shares of Uber, Door Dash and Lyft all plunged after the Biden Administration proposed a new rule that would make it more difficult for companies to treat workers as independent contractors, a change that is expected to shake up ride-hailing, delivery and other industries that rely on gig workers.One of the few stocks in the green was Amgen, which gave the Dow its biggest boost, after a report that Morgan Stanley upgraded the drugmaker’s stock to “overweight” from “equal weight.”