Stock market news live updates: Stocks fall, oil soars amid Russia’s war in Ukraine

Stock market news live updates: Stocks fall, oil soars amid Russia’s war in Ukraine

Stocks extended declines on Monday and oil prices soared as investors nervously considered the potential for even higher inflation and greater global economic damage from Russia's war in Ukraine and sanctions that have ensued.

The S&P 500, Dow and Nasdaq added to earlier losses and fell more than 2% in the afternoon session. The German DAX index (DAX) as well as the STOXX 50 (FEZ) each sank to close in bear market territory, closing more than 20% below a recent record high. Traders piled into safe haven assets, and gold prices (GC=F) briefly jumped above $2,000 per ounce for the first time since September 2020. U.S. Treasury yields advanced.

In energy markets, Brent crude oil prices (BZ=F), the international standard, soared to as much as $137 per barrel, building on gains over the past several weeks. U.S. West Texas intermediate crude oil (CL=F), likewise, rose to as much as $130.50 a barrel.