Senior government officials told CNN that the U.S. could impose new sanctions on Russia as early as Friday for failing to take steps to reduce the tension in eastern Ukraine. Sanctions would target key allies of Russian President Vladimir Putin, high-profile oligarchs and possibly companies.
Tensions in Ukraine escalated sharply Thursday, with Russia embarking on new military drills near the border after Ukrainian forces said they killed five pro-Russian militants within their borders.
Phil Roth, director of the Market Technicians Association Educational Foundation, said if it weren't for Russia, "we'd be looking for another excuse for a market that's in consolidation anyway."
The latest reading on CNNMoney's Fear & Greed index shows sentiment is still languishing in "fear" mode.