The Dow was 859 points in the red at its session lows
Russia's full-scale invasion of Ukraine on Thursday brought even more volatility to Wall Street. Down 859 points at its session lows, the Dow mounted an unprecedented rally to settle 92 points higher, snapping a five-day losing streak alongside the Nasdaq, which also staged a comeback as investors bought tech on the dip. The S&P 500 settled higher as well, despite hanging onto correction territory.
U.S. President Joe Biden announced additional sanctions on Russia after the attack in an effort to economically isolate the country, while allowing more troops to be stationed in Germany as North Atlantic Treaty Organization (NATO) allies ramped up their defense lines.
Continue reading for more on today's market, including:
- Dismal revenue forecast weighed on eBay stock.
- Alibaba stock fell to a 5-year low after earnings.
- Plus, options traders blast EV stock; keep tabs on these 3 ETFs; and unpacking PZZA's quarterly win.
The Dow Jones Average (DJI - 33,223.83) added 92.1 points, or 0.3% for the day. Salesforce.com (CRM) led the gainers with a 7.2% pop, while Merck (MRK) paced the laggards with a 3.1% drop.
The S&P 500 Index (SPX - 4,288.70) rose 63.2 points, or 1.5% for the day. Meanwhile, the Nasdaq Composite (IXIC - 13,473.59) gained 436.1 points, or 3.3% for today's session.
Lastly, the Cboe Market Volatility Index (VIX - 30.32) fell 0.7 point, or 2.3% for the day.
5 Things To Know Today
- The Securities and Exchange Commission (SEC) is reportedly investigating whether Tesla (TSLA) CEO Elon Musk violated insider trading rules. (CNBC)
- Moderna (MRNA) expects Covid-19 to become endemic in 2023, meaning it will be a seasonal disease that is managed with vaccines and treatments. (MarketWatch)
- Why options traders blasted this electric vehicle stock after earnings.
- These are 3 ETFs to watch amid the the Russia-Ukraine crisis.
- Papa John's stock surged after following a top- and bottom-line win.
Gold, Oil Prices Keep Climbing Amid Geopolitical Tensions
Oil prices surged hit $100.54 on Thursday, before cooling down later into the session to settle comfortably above the $92 level. Russia's invasion of Ukraine was the main driver behind today's price action. For the day, April-dated crude added 71 cents, or 0.8%, to settle at $92.81 per barrel.
Gold prices continued to move higher as well, notching their highest settlement in more than one year as traders continued to seek refuge in the metal amid the Russia-Ukraine crisis. In turn, April-dated gold added $15.90, or 0.8%, to finish at $1,926.30 per ounce.