Dow drops 600 points as Ukraine-Russia conflict intensifies: Oil Rises Above $105 Per Barrel

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U.S. stocks slid Tuesday, the first day of March, as oil prices surged and investors continued to monitor the fighting between Russia and Ukraine.

The Dow Jones Industrial Average dropped 601 points, or 1.8%. The S&P 500 was off by 1.5%, and the Nasdaq Composite slid 1.3%.

The decline in stocks came as satellite cameras captured a convoy of Russian military vehicles apparently on its way to Kyiv, the Ukrainian capital.

Russia’s continued aggression pushed energy prices higher. West Texas Intermediate crude futures jumped 8% on Tuesday, breaking above $105 per barrel and hitting its highest level in seven years.

“Stocks are mostly for sale, and the underlying price action is worse than the headline indices make it seem … Russia/Ukraine uncertainty remains the primary theme and there still isn’t enough clarity for stocks to feel comfortable stabilizing,” Adam Crisafulli of Vital Knowledge said in a note to clients.

Wheat prices also surged Tuesday. The rise in commodity prices added to inflation fears in the U.S. and Europe.

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