NEW YORK (AP) — Oil prices soared and investors shifted more money out of stocks and into ultra-safe U.S. government bonds as Russia stepped up its war on Ukraine.
The price of oil surged back above $100 a barrel Tuesday to its highest level since 2014 after Russia, a major energy producer, faced further isolation and economic damage because of its invasion of Ukraine.
The rush into bonds pushed the yield on the 10-year Treasury back down to 1.73%, where it was in January.
In February, it had crossed back above 2% for the first time in over two years. The S&P 500 fell 1.5%.