Economics
S&P 500 Tumbles, Treasuries Rally on Geopolitical Tension
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The Standard & Poor’s 500 Index fell the most in three months, while Treasuries rallied with gold as demand for haven assets rose amid escalating tension in Ukraine and the Middle East. Sanctions against Russia intended to curb violence sent European markets lower.
The S&P 500 lost 1.2 percent for its first decline of at least 1 percent since April 10. The 10-year Treasury yield dropped six basis points to 2.46 percent at 4:30 p.m. in New York, while the rate on German 10-year bonds closed at a record low. The yen rose versus all of its 16 major peers and gold surged the most in four weeks on safety demand. Oil surged and the Chicago Board Options Exchange Volatility Index jumped 32 percent, the most since April 2013.