US stocks end sharply lower as oil prices soar
US stocks closed sharply lower Monday as Ukraine war drove oil prices up_ raising concerns over further increases in inflation.
A third round of peace negotiations between Russia and Ukraine concluded Monday with small positive developments on the issue of humanitarian corridors.
The Dow Jones Industrial Average fell 797.4 points_ or 2.37%_ to close at 32_817. The S&P 500 lost 127.78 points_ or 2.95%_ to 4_201.
The Nasdaq posted the largest decline_ down 482.5 points_ or 3.62%_ to finish at 12_830.
The VIX volatility index_ known as the fear index_ soared 14.20% to 36.52.
The dollar index meanwhile increased 0.53% to 99.19.
Precious metals prices rose as safe haven assets_ with gold adding 1.77% to $2_001 per ounce and silver rising 0.11% to $25.82.
Oil prices hit new historical highs during the day over concerns of a possible ban on Russian oil.
Brent crude oil reached $139.13 a barrel_ its highest level since July 2008_ and was trading at $123.8 per barrel_ jumping 4.81%.
US benchmark West Texas Intermediate (WTI) crude was at $120.14_ gaining 3.86%.
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