The market snapped its five-day losing streak Thursday after a roller-coaster ride that saw Wall Street plunge in the morning after Russia began its invasion of Ukraine, followed by gains that moderated and eclipsed those losses by the end of the day.
Feb. 24, 2022, 10:48 PM UTCThe market snapped its five-day losing streak Thursday after a roller-coaster ride that saw Wall Street plunge in the morning after Russia began its invasion of Ukraine, followed by gains that moderated and, eventually, eclipsed those losses by the end of the day.
“Technology was the winner today,” said Brian Price, the head of investment management for Commonwealth Financial Network. “It was really a stunning reversal from where we were this morning.” While the White House announced more severe sanctions targeting Russian financial institutions and key Kremlin players, it did not target exports of Russian oil. Biden acknowledged the growing struggle many American families are facing when it comes to paying for gasoline and said he was considering a release of oil from the nation’s reserves.
In addition to energy and materials, which analysts had said were among the few sectors that could benefit from the geopolitical turmoil, defense-related companies rallied late in the day after Biden’s speech.
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