Major US stock market indexes ended sharply lower Tuesday as the first round of peace talks between Ukraine and Russia ended inconclusively.

At the closing bell, the Dow Jones Industrial Average was down 597.65 points, or 1.76%, at 33,294. The S&P 500 lost 67.68 points, or 1.55%, to 4,306.

The Nasdaq fell 218.94 points, or 1.59%, to finish at 13,532.

Amid the escalating tensions, the VIX volatility index jumped 10.51% to 33.31, while the dollar index rose 0.68% to 97.355.

Precious metals were on the rise as safe haven assets, with gold rising 2.4% to $1,946 per ounce and silver reaching $24.525 with a 4.76% gain.

Oil prices posted massive increases, hitting their highest levels during the day.

Brent crude was trading at $106.66 per barrel, jumping 8.87%, and US benchmark West Texas Intermediate crude was trading at $105.53 for a 10.25% increase at 4.30 EST./aa