Stocks extend slump as Ukraine fears rise; yields edge lower, gold and oil extend gains

U.S. stocks extended losses Friday afternoon, while Treasury yields pulled back and gold and oil prices rose as White House National Security Advisor Jake Sullivan warned that Russia was in position to mount an invasion of Ukraine “any day now.” He said the U.S. wasn’t saying that Russian President Vladimir Putin had made a final decision on Ukraine. The Dow Jones Industrial Average was down 287 points, or 0.8%, at 34,945 after falling as low as 34,709. The S&P 500 was down 1.4% at 4,442 and the Nasdaq dropped 2.2% to 13,879. Traditional haven assets appeared to find some buying interest, with the yield on the 10-year Treasury note falling around 5 basis points to 1.977% — yields move opposite to price. Gold futures extended gains. Oil futures also added to gains, with the U.S. benchmark up 3.5% at $93.04 a barrel after trading as high as $94.66.

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