Stocks fall as Ukraine tensions rise; Gold gains
NEW YORK (AP) — Global stocks fell sharply on rising tension over Russia’s military advance into Ukraine and the threat of possible sanctions by Western governments. Treasurys and gold prices rose as investors bought safer assets.
The Standard & Poor’s 500 index fell 16 points, or 0.9 percent, to 1,843 as of 10:15 a.m. Eastern time. The Dow Jones industrial average fell 158 points, or 1 percent, to 16,163. The Nasdaq composite dropped 46 points, or 1.1 percent, to 4,260.
Markets fell even more sharply in Europe. Germany’s DAX sank or 2.8 percent to 9,424. Britain’s FTSE 100 dropped or 1.4 percent to 6,720 and Russia’s benchmark stock index plunged 12 percent to 1,115.
Gold and bond prices rose as investors put money into safer assets. The price of gold gained $25.90, or 2 percent, to $1,347.50. The yield on the 10-year Treasury note fell to 2.62 percent from 2.65 percent late Friday.
The price of crude oil climbed $2.05, or 2 percent, to $104.64 a barrel following warnings by Washington and other governments that Russia, a major oil exporter, might face sanctions after it seized control of Ukraine’s Crimean Peninsula. The energy sector was the only one of the 10 sectors in the S&P 500 to advance.