Shares of banks and other financial institutions tumbled as the fallout of the Russian invasion of Ukraine roiled the global banking system.
The 10-year Treasury yield briefly traded below 1.7%, far below the 2% level it tested in February, as investors took cover in the U.S. bond market.
The European Union is set to instruct the Swift financial network to delist seven banks, including Russia's VTB Bank, in the bloc's latest move to put economic pressure on the Russian government.
A rout in the value of the ruble continued, with the Russian currency dropping by about 25% against the dollar since Monday's trading began. Investor sentiment has become less optimistic in recent weeks, going from "full throttle to wall of worry," said analysts at brokerage Bank of America Global Research, in a note to clients.
Ukrainian President Volodymyr Zelensky made an impassioned plea to the European Union to admit Ukraine.
The Russian invasion of Ukraine has also driven demand for cryptocurrencies in both countries, helping boost the price of bitcoin by as much as 15%.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-01-22 1749ET
