What a Russian invasion of Ukraine would mean for markets as Biden warns Putin of ‘swift and severe costs’
Investors on Friday got a taste of the sort of market shock that could come if Russia invades Ukraine.
The spark came as Jake Sullivan, the White House national security adviser, warned Friday afternoon that Russia could attack Ukraine “any day now,” with Russia’s military prepared to begin an invasion if ordered by Russian President Vladimir Putin.
U.S. stocks extended a selloff to end sharply lower, with the Dow Jones Industrial Average DJIA, -1.43% dropping more than 500 points and the S&P 500 SPX, -1.90% sinking 1.9%; oil futures CL.1, +0.86% surged to a seven-year high that has crude within hailing distance of $100 a barrel; and a round of buying interest in traditional safe-haven assets pulled down Treasury yields while lifting gold, the U.S. dollar and the Japanese yen.
Putin and U.S. President Joe Biden spoke by telephone Saturday in a bid to de-escalate the crisis.
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