Russia war latest news: US markets collapse, commodities surge on shortage concerns

Russia war impact, latest news from the stock market: The carnage on stock prices continued with U.S. markets collapsing overnight as commodities face relentless rally on concerns of shortages from supply sanctions. Here are the top highlights-:

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• US Markets close sharply lower, Dow down 800 points
• Broader gauge S&P500 slid 3%, the worst drop since 2020
• Commodities rally, Russia threatens to shut off gas
• European gas, nickel and wheat hit record high 
• Nickel surges 90% in a single day, bad news for steel cos
• In cryptocurrencies, Bitcoin was trading near $38,000