Stock market news: Dow Jones erases 859 point loss as Wall Street fights back
Markets in turmoil after Putin sends in troop in dawn move
The Dow Jones erased an 859 point drop to stunningly end in positive territory at the close of the market on Thursday.
The major US indexes all rose after seeing sharp drops earlier in the day in the wake of Russia’s invasion of Ukraine.
The S&P 500 also ended the day 1.1 per cent higher, after dropping more than 2. per cent earlier in the day.
Investors seemingly took advantage of the market dip in tech, with Netflix ending up nearly five per cent, Microsoft up three per cent, and Alphabet and Meta rising by 2.5 per cent.
Earlier the price of oil has jumped to a seven-year high to nearly $105 (£78).
Brent crude is 6.6 per cent higher at $103.21 a barrel, the highest since August 2014, while US light crude has jumped 6.2 per cent to $97.75 a barrel.
Gas prices are also on the rise, up by 40 per cent, amid fears that the conflict will disrupt global supply chains.
Wall Street fell sharply at the opening on Thursday following the Russian invasion of Ukraine.
The Dow Jones Industrial Average plunged more than 800 points or approximately 2.5 per cent.
Panicked investors fled for the safety of fixed income assets as markets reacted to the worst case geopolitical scenario on the back of the impact of sky-high inflation.
In London, the FTSE 100 index plunged more than 200 points, or 2.7 per cent, upon opening on Thursday in reaction to Russia’s invasion of Ukraine, which US President Joe Biden described as “unprovoked and unjustified”.
Tech rebounds as stocks remain lower
The US stock market remained down on Thursday afternoon following the Russian invasion of Ukraine, with the Dow Jones having fallen more than 550 points, or 1.8 per cent, while the S&P 500 was down 0.8 per cent.
Meanwhile, the Nasdaq, which is heavy with tech companies, was up more than one per cent, after initially dropping by three per cent.
Biden vows to do ‘everything’ to ‘limit the pain’ on gas prices amid Russia’s Ukraine invasion
President Joe Biden acknowledged a wave of incoming turbulence for US gas prices and potentially other areas of the economy on Thursday but vowed that his administration would do “everything” it could to minimise the effects felt by Americans.
He made the remarks during a short national address and subsequent q&a session with reporters at the White House, his first address of the type since Russian forces invaded Ukraine late Wednesday night.
“I will do everything in my power to limit the pain that the American people are feeling at the gas pump,” declared the president.
John Bowden has the story.
Biden vows to ‘limit the pain’ on gas prices amid Russia’s Ukraine invasion
Oil prices drop back after Russian invasion of Ukraine
The price of oil surged in the wake of Russian forces invading Ukraine, but crude fell back from a seven-year high on Thursday afternoon.
Russia is the world’s second largest oil producer and there have been fears that the violence in Ukraine could lead to the disruption of supplies from the country.
Brent crude ended Thursday up 2.3 per cent at $99.08 per barrel, down from $105.79.
US crude ended at $92.81 a barrel, up just 0.8 per cent for the day after seeing a 9.2 per cent spike earlier in the day to $100.54 a barrel.
Oil prices drop back after Russian invasion of Ukraine
The price of oil surged in the wake of Russian forces invading Ukraine, but crude fell back from a seven-year high on Thursday afternoon.
Russia is the world’s second largest oil producer and there have been fears that the violence in Ukraine could lead to the disruption of supplies from the country.
Brent crude ended Thursday up 2.3 per cent at $99.08 per barrel, down from $105.79.
US crude ended at $92.81 a barrel, up just 0.8 per cent for the day after seeing a 9.2 per cent spike earlier in the day to $100.54 a barrel.
Dow posts stunning turnaround to close up for day
The Dow Jones erased an 859 point drop to stunningly end in positive territory at the close of the market on Thursday.
The major US indexes all rose after seeing sharp drops earlier in the day in the wake of Russia’s invasion of Ukraine.
The S&P 500 also ended the day 1.1 per cent higher, after dropping more than 2. per cent earlier in the day.
Investors seemingly took advantage of the market dip in tech, with Netflix ending up nearly five per cent, Microsoft up three per cent, and Alphabet and Meta rising by 2.5 per cent.
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