Wall Street's main benchmarks fell into the open on Thursday after Russian President Vladimir Putin launched a military offensive on Ukraine overnight.
The Dow fell 830 points, or 2.5%, to 32,308.82 and the S&P 500 was down 2.5% at 4,119.38, deep in a correction. The Nasdaq Composite was down 340 points, or 2.6%, at 12,696.08. Losses on Wall Street have eased from a turbulent last session, with all three major benchmarks hitting their lowest levels so far this year.
Meanwhile, investors turned to a safe haven amid broad-risk trading in global markets. Gold rose 2.1% to $1,970 an ounce, near a one-year high. WTI crude oil rose to its highest level since July 2014, the biggest jump since November 2020.
"I condemn this unprovoked and unwarranted attack by Russian military forces," President Joe Biden said in a tweet, noting that he spoke with Ukrainian President Volodymyr Zelensky on steps that the administration is trying to condemn internationally. Picking up."
Markets have been hit this week with dwindling prospects of a solution to the geopolitical conflict between Russia and Ukraine on Thursday following a Kremlin-authorized air strike on the Ukrainian capital Kiev.
President Joe Biden on Tuesday unveiled the "first tranche" of financial sanctions targeting Russia in response to Vladimir Putin's move to recognize the independence of two pro-Moscow separatist republics in eastern Ukraine and to deploy troops to the regions. - Seen as a step forward by Western countries. Incitement and violation of international law.
The European allies worked in lockstep to repulse the Russian offensive. Germany halted approval of the Nord Stream 2 natural gas pipeline, which would have deepened Western Europe's energy links to Russia, the world's largest natural gas exporter. Fears of other energy-related sanctions sent crude prices to a seven-year high and Brent crude at $100 a barrel.