Major indices in the US stock market plummeted to close Tuesday with losses as tension between Russia and Ukraine has escalated.

At the closing bell, the Dow Jones was down 482 points, or 1.42%, to 33,596. The S&P 500 lost 44 points, or 1.01%, to 4,304.

The Nasdaq fell 166 points, or 1.23%, to finish at 13,381 points.

Russian President Vladimir Putin signed a decree late Monday recognizing the pro-Russian separatist regions in eastern Ukraine and ordered military troops to the region for the alleged purpose of peacekeeping.

US President Joe Biden, in response, announced the first tranche of sanctions against Russia on Tuesday.

Amid the tension, the VIX volatility index rose 4.1% to 28.89, but the dollar index was flat at 96.09

The yield on 10-year US Treasury notes, on the other hand, was down 0.52% to 1.920%.

Precious metals were on the rise as safe haven assets, with gold rising to $1,900 per ounce and silver reaching $24.15 with a 0.6% gain.

Oil prices were up. Brent crude was trading at $93.32 per barrel with a 0.35% gain, and US benchmark West Texas Intermediate at $91.55 for a 1.5% increase.

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