Home Impact producer US stocks turn, oil prices fall amid Russia’s war in Ukraine

US stocks turn, oil prices fall amid Russia’s war in Ukraine

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US stocks swung between gains and losses overnight and oil prices retreated as markets remain concerned about the wider impact of Russia’s invasion of Ukraine.

The S&P 500 rose 0.1% at 1:23 p.m. New York time. The Dow Jones Industrial Average rose 100 points, or 0.3%, to 33,991 and the Nasdaq fell 0.6%.

Bond yields remained stable. The 10-year Treasury yield has remained at 1.86% since Wednesday evening.

Trader Aman Patel works on the floor of the New York Stock Exchange.Credit:NYSE

The broader market remains volatile as investors continue to worry about the conflict in Europe as well as rising inflation and the impact on economic growth and how central banks around the world are acting in an attempt to contain inflation.

Tech companies, retailers and other businesses that rely on direct consumer spending have seen some of the biggest losses. Sectors considered less risky, including utilities and household equipment manufacturers, gained ground.

Major indexes rallied a day earlier after Federal Reserve Chairman Jerome Powell said he favored a modest interest rate hike at the Fed’s policy meeting in two weeks. weeks, bringing relief to investors who feared he would back more aggressive measures to tackle inflation.

The economic fallout from the Russian invasion has spread, with Fitch Ratings and Moody’s Ratings reducing Russia’s credit rating. They said the invasion and Western sanctions had hurt Moscow’s ability to repay its debts and increased risks to the economy and stability.

The London Stock Exchange announced that it had suspended trading in the shares of 27 Russian-linked companies, including some of the largest in energy and steel, such as Lukoil, Gazprom, Sberbank, Rosneft and Magnitogorsk Iron & Steel Works. These shares lost most of their value before the suspension. Rosneft shares fell from $7.91 on Feb. 16 to 60 US cents on March 2, while Sberbank shares plunged from $14.90 to 5 US cents over the same period.

Trading on the Moscow Stock Exchange remained closed on Thursday. The Russian ruble has lost another 15% against the US dollar and is worth less than 1 US cent. It has plunged since Western governments imposed sanctions that cut off much of Russia’s access to the global financial system.