George Ettinger, right, works with fellow traders on the floor of the New York Stock Exchange, Monday, March 3, 2014. Global stock markets are down sharply on tensions over Russia’s military advance into Ukraine and the threat of sanctions by Western governments. (AP Photo/Richard Drew)
NEW YORK (AP) — Russia’s military advance into Ukraine rattled global markets Monday.
U.S. stocks fell the most in a month and the price of crude oil rose sharply as traders feared Russian exports could be affected by sanctions. Gold and bond prices rose as investors sought safety.
The Standard & Poor’s 500 index had its biggest drop since Feb. 3, following markets in Europe and Asia lower, as Russia’s military tightened its grip on the Crimea region of Ukraine.
It was the second time this year the U.S. stock market has been roiled by developments in emerging markets. Stocks slipped in January as investors worried about slowing growth in China and other emerging economies. Now a showdown in Ukraine has grabbed investors’ attention and stoked fears of a tit-for-tat campaign of economic sanctions between Russia and Western powers.
“Financial markets are doing exactly would you would expect them to,” said Phil Orlando, chief equity market strategist at Federated Investors. “You have no Login to read more