Stocks tumble; oil, wheat prices soar after Ukraine attack

By STAN CHOE
AP Business Writer

NEW YORK (AP) — Stocks tumbled worldwide Thursday after Russia’s attack of Ukraine sent fear coursing through markets and upped the pressure on the high inflation already hurting people and businesses around the world. The S&P 500 sank 1.6% to continue its dismal start of the year. It’s now down almost 14% from the record high it set in early January. European markets sank even more, with the German DAX down nearly 5%. Bond yields fell as investors sought safety and the price of oil soared toward $100 a barrel. The conflict could send prices spiraling even higher at gasoline pumps and grocery stores everywhere.