Stocks sank Friday as worries about an imminent Russian invasion of Ukraine piled onto Wall Street’s already heavy list of concerns about inflation and interest rates, per the AP. The Dow fell 503 points, or 1.4%, to 34,738; the S&P 500 fell 85 points, or 1.9%, to 4,418; and the Nasdaq fell 394 points, or 2.7%, to 13,791. Treasury yields fell sharply as investors sought safety, and oil prices spiked more than 3%. Knee-jerk swings swept through other markets as investors pulled money out of riskier assets like stocks and shifted it into havens such as bonds and gold.
Markets will likely remain volatile as the Fed moves closer to raising rates and investors gauge the impact. “What we're going through is likely going to continue in the short run," said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. The prospect for violence in Ukraine only adds more uncertainty, though some on Wall Street said it will likely ultimately recede in importance in the eyes of investors.
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