CNN
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Markets experienced volatility on Tuesday as investors weigh rising tensions between Russia and the United States.

The Dow Jones fell about 450 points shortly after the opening bell, but has since recovered. In recent trading, it fell about 200 points, or 0.5%. The S&P 500 and Nasdaq also recovered from early losses.

The turbulence comes as Moscow changed its nuclear doctrine after the Biden administration allowed Ukraine to use longer-range weapons inside targets in Russia.

“Today reflects concerns that the 1,000-day conflict between Russia and Ukraine appears to be heating up,” said Art Hogan, chief market strategist at B. Riley Wealth Management.

Not only did US stocks fall, but investors piled into safe havens like gold and US debt. Gold prices rose on Tuesday and US Treasury yields fell.

Ukraine fired US-made ATACMS missiles into Russia’s Bryansk region, the Russian Defense Ministry said on Tuesday, in a major escalation.

The attack comes just two days after the Biden administration gave Kiev the green light to use U.S. weapons at longer ranges against targets in Russia. On Sunday, President Joe Biden authorized Ukraine to use Russia’s longer-range missiles, ending a months-long ban aimed at preventing a drastic escalation of the conflict.

Oil prices, which soared at the start of the 2022 war between Russia and Ukraine, were little changed on Tuesday morning.

“We believe the underlying trends for the stock market remain positive, but this news provides an excuse for the market to give back some of its recovery,” said Keith Lerner, chief market strategist at Truist Advisory Services.

This is a developing story and will be updated.