It was a wild day for markets, with the major indexes vacillating on both sides of their respective breakeven levels before eventually settling with losses. The Dow logged a 184-point loss, extending its losing streak to four, while the Nasdaq and S&P 500 also gave up gains in the final half-hour of trading. It's already been a wild week for stocks -- the SPX yesterday turned in its worst session since October 2020 -- as Wall Street continues to assess how lasting and dramatic the effects of the Ukraine-Russia war will be on the global economy. U.S. President Joe Biden's announcement that the U.S. will ban Russian oil imports contributed to some of today's volatility, and drove energy and gas prices even higher, as well as related sectors.

The Dow Jones Average (DJI - 32,632.64) lost 184.7 points or 0.6% for the day. Caterpillar (CAT) led the gainers with a 6.8% jump, while Coca-Cola (KO) paced the losers with a nearly 4% drop.

The S&P 500 Index (SPX - 4,170.70) dropped 30.4 points or 0.7% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,795.55) shed 35.4 points, or 0.3% for today's session. 

Lastly, the Cboe Market Volatility Index (VIX - 35.13) lost 1.3 points or 3.6% for the day.

OIL HITS HIGHEST LEVEL SINCE AUGUST 2008; GOLD INCHES TOWARD RECORD

The ban on imports of Russian oil sent crude prices surging today, with Biden implying the surge in oil prices is far from over. April-dated crude added $4.30 or 3.6%, to settle at $123.70 per barrel for the day, marking its highest settlement since August 2008. 

Interest in gold as a safety net remains incredibly high, with prices on the precious metal toppling the $2,000 level but stopping just short of their August 2020 all-time high. April-dated gold added $47.40, or 2.4%, to finish at $2,043.30 per ounce. Earlier in the day, the commodity surged to a 19-month high of $2,078.80.