Stocks plunged and oil prices surged by more than $8 per barrel 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.
Market benchmarks in Europe and Asia fell by more than 4% as traders tried to figure out how large Putin’s incursion would be and the scale of Western retaliation. Wall Street futures sank, indicating that U.S. shares were likely to retreat after trading opens.
