• S&P 500 climbed 29 points, or 0.7%, at 4,253
• Nasdaq Composite was was up 293 points, or 2.3%, at 13,334
The S&P 500 recovered from the steep decline, pulling itself out of the correction territory on Thursday as investors looked past Russia’s invasion of Ukraine.
The S&P 500 climbed 29 points, or 0.7%, at 4,253, while the Nasdaq Composite was was up 293 points, or 2.3%, at 13,334.
Meanwhile, the Dow Jones Industrial Average was down 165 points, or 0.5%, at 32,971, after falling almost 700 points in morning trading.
As of Thursday afternoon, stocks were well off their lows of the day. Wall Street’s revival follows sharp losses for equities in Asia and Europe, where the Stoxx Europe 600 closed at a loss of 3.3%, while oil spiked above $100 a barrel.
The U.S. introduced a new wave of sanctions against Russia to isolate Moscow from the global economy. The Biden administration has also authorized additional troops to be stationed in Germany as NATO allies look to bolster defenses in Europe.
What moved the stocks?
The invasion of Ukraine was widely anticipated and investors had been pricing worst-case scenarios for the same. Eventually, the near-term market action will be determined by the response of Western countries to Russia’s attack.
Investors are counting on the fact that the Federal Reserve might halt its plans to raise interest rates next month considering the global economy traversing towards uncharted territory. The US central bank will wait to see if there is any impact before going ahead with its interest rate hike plans.
Investors bought the dip on some of the biggest tech names, including Amazon, Netflix, Alphabet, and Microsoft, which were trading higher on Thursday. The stocks erased sharp declines from earlier in the day.
Netflix (NASDAQ: NFLX) rose nearly 5% and Microsoft (NASDAQ: MSFT) added 3%. Alphabet (NASDAQ: GOOG) and Meta (NASDAQ: FB) rose 2.5% each.
The 10-year Treasury yield stood at 1.98% after falling toward 1.85%.
The U.S. oil benchmark, WTI, traded about 1% higher around $92 per barrel after hitting just shy of $100 per barrel earlier in the session.
Global oil benchmark Brent jumped 1% to around $92 per barrel, after crossing the $100 level for the first time since 2014. Natural gas prices surged 2.9%.