Escalating tensions between Russia and Ukraine, as well as concerns over interest rate hikes, made investors jittery on Monday. The Dow fell 171 points to log its third-straight loss, after Secretary of State Antony Blinken closed the U.S. Embassy in Kyiv and sent embassy workers to Western Ukraine, mentioning the “acceleration in the buildup of Russian forces."
Traders are also worried a potential alliance between Russia and China may further damage the latter's relationship with the U.S. In turn, the S&P 500 logged substantial losses, while the Nasdaq was flat. Meanwhile, the Cboe Volatility index (VIX) logged a third-straight win.
The Dow Jones Average (DJI - 34,566.17) dropped 171.9 points, or 0.5% for the day. Nike (NKE) led the gainers with a 1% pop, while Walgreens Boots Alliance (WBA) paced the laggards with a 2.8 drop.
The S&P 500 Index (SPX - 4,401.67) shed 17 points, or 0.4% for the day. Meanwhile, the Nasdaq Composite (IXIC - 13,790.92) lost 0.2 point, or was flat for today's session.
Lastly, the Cboe Volatility Index (VIX - 28.33) added roughly 1 point, or 3.6% for the day.
GOLD, OIL PRICES SURGE AS RUSSIA-UKRAINE TENSION BUILDS
Oil prices scored more seven-year highs on Monday, as investors continued to monitor Ukraine developments, after the White House said last week a Russian attack was likely to happen within days. As a result, March-dated crude added $2.36, or 2.5%, to settle at $95.46 per barrel for the day.
Gold prices edged higher as well, closing at their highest level since mid-November as investors turned to the safe-haven commodity amid escalating tensions between Russia and Ukraine. In turn, April-dated gold added $27.30, or 1.5%, to finish at $1,869.40 per ounce.
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