Fear returns to Wall Street, oil jumps on Russia sanctions

By STAN CHOE
AP Business Writer

NEW YORK (AP) — Markets quivered Monday amid worries about how high oil prices will go and how badly the global economy will get hit after the U.S. and allies upped the financial pressure on Russia. Stocks fell, investors herded into gold in search of safety and the Russian ruble tumbled to a record low. The S&P 500 was 0.7% lower after Western allies moved over the weekend to block some Russian banks from a key global payments system. The U.S. Treasury Department also announced new and powerful sanctions that could immobilize any assets of the Russian central bank in the United States or held by Americans.