The price of oil surged past $130 per barrel as the U.S. signalled it could ban crude imports from Russia.
Trading has been halted for the day, the second daylong suspension this week.
I believe that stocks are depressed because there is a pervasive feeling that something awful is going to happen. What is this enormous tail-risk? It's the intersection of reckless fiscal policy with overindulgent "Jelly Donut" monetary policy.