Global stock markets are falling sharply as Russia attacks Ukraine with air strikes and ground forces.
The Dow Jones Industrial Average is down more than 700 points, or 2%, while the S&P 500 index is down 1.99% and the technology heavy Nasdaq 100 declined 2.65%.
Stocks in Europe also sold off sharply on news of the Russian invasion of Ukraine. The pan-European Stoxx 600 index dropped 2.7% in early trading, with banks tumbling 4.3% to lead losses as all sectors and major bourses slid into negative territory.
Meanwhile, oil prices jumped higher, with West Texas Intermediate crude oil futures trading 7% higher at more than $97 per barrel. Global benchmark Brent crude oil jumped 6% to $102.60 per barrel, passing the $100 level for the first time since 2014.
Those moves come as Russian President Vladimir Putin said Moscow would launch a military action in Ukraine. Shortly after that announcement, explosions were reported in Kyiv.
President Joe Biden condemned the attack, saying in a written statement that “the world will hold Russia accountable.”
In Asia, Hong Kong's Hang Seng index fell 3.2%, its biggest daily loss in five months. Korea's Kospi fell 2.6%. Japan's Nikkei 225 lost 1.8%. And China's Shanghai Composite index moved 1.7% lower.
Stocks have struggled in recent weeks as the prospects of tighter Federal Reserve monetary policy have also dented investor sentiment. The S&P 500 and Nasdaq indexes in the U.S. are each down more than 10% year-to-date, putting them in correction territory.
The Toronto Stock Exchange has held up better than most global indexes, buoyed by high commodity prices. Year-to-date, the TSX is down about 3%.
