Stocks fell worldwide on Thursday after Russia’s attack of Ukraine sent fear coursing through markets and upped the pressure on the high inflation already squeezing the global economy.
On Wall Street, the S&P 500 sank 1.5% to continue its dismal start of the year, though the loss moderated after starting the day at 2.6%. The benchmark index is now down 13.3% from its record set early this year. Stocks in Europe sank even more after officials called Russia’s moves a “brutal act of war,” with the German DAX down 4%.
Beyond its human toll, the conflict looks set to send prices spiraling even higher at gasoline pumps and grocery stores around the world. Russia and Ukraine are major producers not only of energy but also grains and various other commodities. War could upend global supplies, as could sanctions brought by the United States and other allies.
