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Myles Udland
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Stocks are red and falling to their lowest levels of the day.

The Dow is down 130 points, the S&P 500 is down 20 points, and the Nasdaq is down 57 points.

The VIX is also surging higher.

This plunge follows news that t hat a Malaysian airlines Boeing 777 crashed near the Russian border.

Following these reports, the price of gold spiked, and the VIX has also spiked and is now up more than 10%. 

It was a busy morning before reports of the plane crash, with stocks in Europe and Russia falling after the U.S. last night announced its most recent round of sanctions against Russia. 

Here's a intraday chart of the major averages, which have legged lower after an initial drop following report of the plane crash.

INtraday 2

Google Finance

Here's the price of gold following reports of the plane crash.

Gold July 17


And here's the VIX late in the day.

VIX Part 2

Google Finance

In other news, this morning Microsoft announced plans to lay off up to 18,000 employees, including 12,500 from its recently acquired Nokia unit. 

More to come ...

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