Markets down as Russian military action shake investor confidence

Canadian Press, The Canadian Press
1 Comment| March 3, 2014


TORONTO - The Toronto stock market was lower as traders avoided risky assets such as equities in the wake of Russia's incursion into Ukraine's Crimean peninsula.

The S&P/TSX composite index lost 12.89 points to 14,196.7 with losses limited by rising gold stocks as nervous traders sent bullion prices higher.

The Canadian dollar fell 0.09 of a cent to 90.21 cents US as investors also sought the safe-haven status of the U.S. dollar after Russia took effective control of the Crimean peninsula, calling it a necessary protection for the country's citizens living there.

U.S. indexes fell sharply as traders weighed the potential economic consequences of Russia's move and the Dow Jones industrials tumbled 132.55 points to 16,189.16, the Nasdaq dropped 49.9 points to 4,258.22 and the S&P 500 index fell 14.74 points to 1,844.71.

Oil prices spiked almost $2 a barrel as Russia's military advance into Ukraine raised fears of economic sanctions against a country that is one of the world's major energy producers. Natural gas prices also surged at the prospect of a decrease in global supplies.

 



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illumination1
this is absolutely silly on two fronts to say investor confidence down based on Russia being a world leader in energy supply. (1) The US if everyone keeps talking on a market and world perspective has more oil than all the middle east, has unimaginable deposits of shale (2) Putin is simply flexing his muscle wanting more of a tie with eastern Ukraine which favors old Russian ties and would like that influence to be a little more than what I suppose Russia has seen of an independent Ukraine--U...
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March 3, 2014
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