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Wall Street rallies as West hits Russia with new sanctions

NEW YORK, Feb 24 (Reuters) – Wall Street ended sharply higher on Thursday, led by a 3% gain in the Nasdaq, in a dramatic market reversal as President Joe Biden unveiled harsh new sanctions against Russia after Moscow began an all-out invasion of Ukraine.

The S&P 500 rose more than 1%, ending a four-day slide amid worries over the escalating crisis. The Dow also ended in positive territory.

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After consulting counterparts from the Group of Seven nations, Biden announced measures to impede Russia’s ability to do business in the world’s major currencies, along with sanctions against banks and state-owned enterprises. 

The White House has warned Americans that the conflict could lead to higher fuel prices in the United States, but U.S. officials have been working with counterparts in other countries on a combined release of additional oil from global strategic crude reserves.

All three major indexes sold off early in the day on news of Russia’s invasion of Ukraine, with the Nasdaq down more than 3% at the open. They hit session highs in the wake of Biden’s comments and rallied heading into the close.

“The tough stand the U.S. and Europe is taking is sending a loud message to the financial markets that they’re going to try to cripple as much as they can the Russian economy,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

“From one perspective that’s positive,” he said, adding that the selling in the market may not be over. “Going forward, we’re still subject to probably higher oil prices, probably higher commodity prices.”

Investors have been worried about how increasing inflation will affect the outlook for the Federal Reserve and higher interest rates.

Ukrainian forces battled Russian invaders on three sides on Thursday after Moscow mounted an assault by land, sea and air in the biggest attack on a European state since World War Two. 

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The information technology sector (.SPLRCT) rose 3.5% and gave the S&P 500 its biggest boost, in a reversal from recent action.

The Dow Jones Industrial Average (.DJI) rose 92.07 points, or 0.28%, to 33,223.83, the S&P 500 (.SPX) gained 63.2 points, or 1.50%, to 4,288.7 and the Nasdaq Composite (.IXIC) added 436.10 points, or 3.34%, to 13,473.59.

Wall St rallies as West hits Russia with new sanctions  ReutersWall St rallies as West hits Russia with new sanctions  ReutersRead More“when:24h allinurl:reuters.com” – Google News


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