The value of the Russian ruble plunged to a record low as the U.S. and allies upped the financial pressure on Russia for its invasion of Ukraine.
Stocks swung up and down several times, leaving the major indexes mixed. Investors herded into bonds in search of safety, pushing yields sharply lower, and the value of the Russian ruble plunged to a record low.
Other markets showed more fear about the rising antagonism between Russia and the U.S. and its allies. “Right now the situation is fluid and investors are looking for the next shoe to drop,” said Barry Bannister, chief equity strategist at Stifel. Markets had already been on edge before Russia’s invasion, worried about upcoming hikes in interest rates by the Federal Reserve, which would be the first since 2018.
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