FILE PHOTO: NEW YORK - JANUARY 03: Traders work the floor of the New York Mercantile Exchange January 3, 2006 in New York City. Oil prices rose by more than $1 a barrel today due to the continuing natural-gas pricing row between Russia and Ukraine and colder weather in parts of the U.S. Northeast. (Photo by Spencer Platt/Getty Images)
NEW YORK (AP) — U.S. markets pointed toward a sharply lower open, following a global plunge 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.
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