Oil prices soared and investors shifted more money into ultra-safe U.S. government bonds as Russia stepped up its war on Ukraine.
Stocks fell following a volatile day for major indexes as investors tried to measure how the conflict will impact the global economy. The S&P 500 index fell 0.7% as of 10:14 a.m. Eastern. The Dow Jones Industrial Average fell 337 points, or 1%, to 33,554 and the Nasdaq fell 0.5%.
U.S. benchmark crude oil prices rose 6.6% to $101.87 per barrel, reaching the highest price since 2014. Brent crude, the international standard, rose 6.6% to $104.44. [Most read] Winter is over in Chicago — according to weather experts. Here’s a look back at our coldest, rainiest and snowiest days of the season.Investors continued putting money into bonds. The yield on the 10-year Treasury fell to 1.75% from 1.83% late Monday. It is now back to where it was in early February, before topping 2% for the first time in over two years.
The value of the Russian ruble plunged to a record low Monday after Western countries moved to block some Russian banks from a key global payments system. Also Monday, the U.S. Treasury Department announced more sanctions against Russia’s central bank.
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