U.S. stock exchanges in New York opened lower, the ruble fell to a record low, and oil rose to more than $100 a barrel on February 24 after Russia launched a full-scale invasion of Ukraine.
The Dow Jones Industrial Average joined a global equity sell-off, opening down 2.1 percent. The broad-based S&P 500 also declined 1.6 percent, while the tech-rich Nasdaq Composite Index dropped 1.5 percent.
Markets in Europe and Asia fell as much as 5 percent earlier on February 24 as oil prices topped $100 a barrel for the first time in seven years. Gold, another safe haven investment, also rose.
The ruble plunged to a record low after chaotic moves on Russia’s markets. The Russian currency weakened by nearly 7 percent to 86.98 per dollar. The Moscow stock exchange was forced to suspend trading after a record 40 percent drop, Reuters reported.
Traders worldwide were watching as U.S. President Joe Biden and other Western leaders prepared further sanctions. Biden was to meet later on February 24 with allies in the Group of Seven club of major economies to hammer out a raft of new sanctions in response to the attack.
The sanctions are likely to inflict more pain on Russia’s already shaky economy but also further affect world markets and energy prices.
Global Markets Rocked, Ruble Falls After Russia’s Invasion Of Ukraine
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