As Ukraine war rages, oil prices surge to highest level since 2014
CBSN
Global oil prices soared and U.S. stocks sank Tuesday as Russia stepped up its war on Ukraine.
Stocks fell as investors tried to measure how the conflict would impact the global economy. The S&P 500 dropped roughly 68 points, or 1.6%, to close at 4,306. The Dow Jones Industrial Average lost nearly 598 points, or 1.8%, and the tech-heavy Nasdaq dropped 1.6%. The declines add to the market's losses after a two-month skid for the S&P 500.
The bigger moves came from the markets for oil, agricultural commodities and government bonds. Oil has been a key concern because Russia is one of the world's largest energy producers. The latest bump in prices increases pressure on persistently high inflation that threatens households around the world.
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