Stocks tumble as war overshadows ‘fantastic’ US jobs data

Treasury yields sank again as investors moved money into U.S. government bonds in search of safety, and a measure of nervousness on Wall Street climbed.than economists expected, one described as encouraging and even “fantastic.” Hiring by employers last month topped expectations by hundreds of thousands of workers, more people came back into the workforce after sitting on the sidelines and jobs numbers for prior months were revised higher.

Such concerns helped drag the Dow Jones Industrial Average down more than 500 points in the early going. The blue chip index clawed back some of those losses by afternoon. It was down 386 points, or 1.1%, to 33,408, as of 2:13 p.m. Eastern time. The Nasdaq composite was 2% lower. Trading on the Moscow exchange, after briefly opening Monday, has remained closed throughout the week. The value of Russia’s ruble continues to hover below a penny after plunging roughly 30% since the middle of last week. It now takes roughly 104 rubles to get a dollar, up from fewer than 75 at the start of the year. The ruble has dropped as Western governments imposed sanctions that cut off much of Russia’s access to the global financial system.

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