Wall Street joins global swoon after Russia attacks Ukraine

NEW YORK (AP) — Stocks tumbled worldwide Thursday after Russia’s attack of Ukraine sent fear coursing through markets and upped the pressure on the high inflation already hurting people and businesses around the world. The S&P 500 sank 2% to continue its dismal start of the year. It’s now down almost 14% from the record high it set in early January. European markets sank even more, with the German DAX down 5%. Bond yields fell as investors sought safety and the price of oil soared above $100 a barrel. The conflict could send prices spiraling even higher at gasoline pumps and grocery stores everywhere.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

NEW YORK (AP) — U.S. markets pointed toward a sharply lower open, following a global plunge in stocks and a surge in oil prices Thursday after Russian President Vladimir Putin launched military action in Ukraine, prompting Washington and Europe to vow sanctions on Moscow that may roil the global economy.

Oil prices jumped by more than $7 per barrel and futures for Wall Street’s benchmark S&P 500 index and the Dow Jones Industrial Average were off by more than 2.5%.

Market benchmarks in Europe and Asia fell as much as 5% as traders tried to figure out how large Putin's incursion would be and the scale of Western retaliation.

Energy prices surged, fueling inflation fears. The spot price in Europe for natural gas, for which the continent relies on Russia to supply, jumped as much as 31%.

Brent crude oil jumped above $100 per barrel in London for the first time since 2014 on unease about possible disruption of supplies from Russia, the No. 3 producer. Benchmark U.S. crude was close behind at $99 per barrel. Prices of wheat and corn also jumped.

The ruble sank as much as 7.5% against the dollar...