U.S. Equity Futures Slip, Concerns about Ukraine Cited
March 3, 2014 2:47 PM EST
World shares hit near 6-year highs amid faith in improving global economy (Reuters).
The Standard & Poor's 500 E-mini futures, the most popularly traded equity futures contract, fell 15 points, or 0.8 percent, to 1842.50 in early trading.
Russian forces have already seized Crimea, an isolated Black Sea peninsula where Moscow has a naval base. Washington threatened to isolate Russia economically, with U.S. Secretary of State John Kerry calling the move an "incredible act of aggression."
The price of Brent crude oil was up 1.1 percent to $110.17 a barrel.
"Oil and gas prices are likely to stay high, or go higher. Energy stocks are likely to be hit by this," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin.
"Beyond this, the fallout for the equity markets may be minor over the medium-term. The short-term is more of a gamble. It should serve as a reminder that you don't put grocery money for the next month in risky assets."
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