Myles Udland

Stocks are red and have quickly fallen to their lowest levels of the day.

The Dow is down 88 points, the S&P 500 is down 14 points, and the Nasdaq is down 42 points.

Near 11:30 a.m. ET, reports from Interfax said that 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. Wednesday 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.

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

And here's the VIX.

In other news, Wednesday 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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