NEW YORK (AP) — Stocks are closing lower on Wall Street Tuesday after Russia sent forces into Ukraine's eastern regions, escalating tensions.

The benchmark S&P 500 index fell 1% to 4,304.76, and is now more than 10% below it's all-time high set in January, what's known as a "correction."

The Dow Jones Industrial Average and Nasdaq also lost more than 1%.

Russian President Vladimir Putin recognized the independence of rebel-held regions of Ukraine, raising fears of an imminent full-scale invasion.

The U.S. and European Union responded with sanctions.

Technology shares also weighed on the broader market. Bond yields rose. The yield on the 10-year Treasury rose to 1.93%.