Canally suspects the dispute between Russia and Ukraine will likely follow the pattern of recent months. Worrying headlines will be followed by soothing speeches. "We've been here before," he said.
UKRAINE: Investors were rattled by news that crossed at mid-morning Eastern time that a column of Russian armored carriers had crossed into Ukraine late Thursday. Ukraine claimed that its artillery fire destroyed a majority of the vehicles.
EUROPE: The reports out of Ukraine sent major European markets down. Germany's DAX dropped 1.4 percent, after being up 1.1 percent earlier. France's CAC 40 lost 0.7 percent.
OIL AND BONDS: The yield on the 10-year Treasury note plunged as low as 2.30 percent, the lowest since June 2013, as traders shifted money into U.S. government bonds. In mid-afternoon trading the yield was 2.34 percent, down from 2.40 percent late Thursday. Benchmark U.S. crude oil rose $1.44 to $97.02 a barrel.
MONSTER DEAL: Monster Beverage soared 28 percent following news that Coca-Cola plans to pay $2 billion for a stake in the maker of caffeinated drinks. The deal comes as Coca-Cola's flagship soda business is flagging and "energy drinks" have become popular. Monster jumped $20.79 to $92.44.
KNOWN AS NORDY'S: Nordstrom reported a slight drop in earnings as well as sales that fell just short of analysts' estimates. The department-store's stock slid $3.06, or 4 percent, to $65.61.
HACKED: Supervalu, a grocery store chain, said hackers gained access to its computer network for handling credit-card transactions. The company said it isn't sure yet if customers' account numbers and other information were stolen. Supervalu fell 32 cents, or 3 percent, to $9.27.
METALS: The price of gold fell $9.50 to $1,306.20 an ounce. Silver fell four cents to close at $19.53 an ounce and copper edged up a penny to $3.10 a pound.