Ukraine and China worries weigh on stocks

NEW YORK (CNNMoney)

But global markets were down again as U.S. and Russian officials met in London to try to find a diplomatic solution to an increasingly tense stand-off over the fate of the Ukrainian region of Crimea.

Russia's benchmark index fell more than 2% Friday, taking losses for the year so far to nearly 19%. The ruble weakened further against the dollar. Russian markets have been hit hard by fears that the crisis will deter foreign investment and wipe out growth this year.

The Nikkei in Japan dropped by 3.3%. Recent poor export figures from China have sparked worries about the pace of growth in the world's second biggest economy and has sent some investors to seek safety in Japan's yen.

The Dow, the S&P 500 and the Nasdaq fell sharply Thursday. Investors are bracing themselves for Sunday's referendum in Crimea, where voters will decide whether to break away from Ukraine and join Russia. Ukraine and the West have described the vote as illegal. They have accused Russia of violating Ukraine's sovereignty and are threatening sanctions.

Related: 4 reasons Russia will keep gas exports flowing

In corporate news, shares of Aeropostale (ARO) plunged after the retailer reported a bigger-than-expected loss and drop in revenue for the most recent quarter. It plans to close 52 stores this year.

General Mills (GIS, Fortune 500) shares were also lower. The maker of Cheerios and Yoplait yogurt warned that third quarter profits would be below Wall Street forecasts.

First Published: March 14, 2014: 9:40 AM ET

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