NEW YORK — Stock markets around the world on Thursday extended losses while safe-haven assets rose following news that a Malaysian Airlines jet had crashed near in eastern Ukraine near the Russia border.
According to a Ukrainian Interior Ministry adviser, almost 300 people died in the crash, caused by a missile fired at the plane. The report follows an increase in tensions between Ukraine and Russia that has resulted in clashes along the border, including the targeting of aircraft.
"There is a safe-haven bid across the curve on these reports," said Justin Lederer, Treasury strategist at Cantor Fitzgerald in New York.
Wall Street stocks fell to session lows following the report and European shares added to their losses. Gold prices spiked, as did U.S. Treasuries. Stocks of airline companies were hit hard, with the NYSE Arca Airline Index dropping 1.3 percent.
The Dow Jones industrial average fell 56.87 points or 0.33 percent, to 17,081.33, the S&P 500 lost 10.15 points or 0.51 percent, to 1,971.42 and the Nasdaq Composite dropped 29.16 points or 0.66 percent, to 4,396.81.
The benchmark U.S. 10-year Treasury note rose 13/32 in price, yielding 2.482 percent. Gold prices jumped more than 1 percent in their biggest one-day advance in about a month.
The pan-European FTSEuro first 300 was down 1 percent and the MSCI International ACWI Price Index increased losses to 0.6 percent.
The Japanese yen rose 0.3 percent against the dollar, while the Swiss franc was little changed and the U.S. dollar was flat against a basket of currencies.
U.S. crude futures rose 1.5 percent to $102.72 per barrel.
See also:
Breaking: Passenger Plane Crashes in Ukraine Near Russian Border
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