Daily Stock Market Reports

Stock market news – live: Dow Jones erases 859 point loss as Wall Street fights back


Boris Johnson says Russia has chosen ‘path of destruction’ after Putin launches ‘military operation’ in Ukraine

The price of oil has jumped to a seven-year high to nearly $105 (£78) following Russia’s invasion of Ukraine.

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”.

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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.

Graeme Massie24 February 2022 21:05

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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.

Gas prices hit over $6 dollars per gallon at a petrol station in Los Angeles, California on February 23, 2022

(AFP via Getty Images)

Graeme Massie24 February 2022 20:55

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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.

Gas prices hit over $6 dollars per gallon at a petrol station in Los Angeles, California on February 23, 2022

(AFP via Getty Images)

Graeme Massie24 February 2022 20:55

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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.

Graeme Massie24 February 2022 19:46

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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.

Graeme Massie24 February 2022 19:22

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Russian ‘Google’ loses more than half of value in wake of invasion

Shares of Yandex, which is often called Russia’s Google, saw its value nosedive 53 per cent on Thursday following Russia’s invasion of Ukraine. The company has now lost nearly three-quarters of its market value in 2022.

Graeme Massie24 February 2022 19:12

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Major buyers of Russian oil struggle with bank guarantees

Top buyers of Russian are oil struggling to secure guarantees at Western banks or find ships to take crude from one of the world’s largest producers.

At least three major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases on Thursday, four trading sources told Reuters, citing market uncertainty after the Russian invasion.

Russia produces every tenth barrel in the world and oil prices jumped to above $100 per barrel on Thursday, their highest since 2014, due to fears of disruptions.

The oil market is already suffering from tight supplies due to years of low investment and amid booming demand as pandemic-linked restrictions ease around the world.

“Banks are not willing to open LCs for the moment so it is a bit of a standoff,” one of the sources said. He asked not to be named due to the sensitivity of the issue.

Letters of credit from the bank of the buyer are standard practice in commodities trading and guarantee the seller’s bank that payment will be made in full and on time.

Top Russian oil buyers include Western oil majors such as BP and Shell, ENI, TotalEnergies, Equinor, Chevron and Exxon Mobil and trading houses such as Vitol, Glencore, Trafigura, Gunvor and Mercuria.

The sources did not name which banks refused to issue LCs.

Matt Mathers24 February 2022 17:51

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ICYMI: Warning over petrol prices hitting £1.60 a litre as Russia invades Ukraine

Motorists are being warned over the possibility of petrol prices soaring to £1.60 a litre following Russia’s invasion of Ukraine.

The price of Brent crude oil hit its highest level in eight years after increasing by 6.3% to 102.90 US dollars per barrel shortly after 8am on Thursday.

Average fuel prices at UK forecourts are already at record highs, and the situation is expected to worsen as retailers pass on further rises in wholesale costs.

Matt Mathers24 February 2022 16:40

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Boris Johnson: We must wean ourselves off Russian oil

Boris Johnson is rallying European leaders to sever the dependence on Russian oil that has given Vladimir Putin a “grip” on western politics in the wake of the invasion of Ukraine.

The prime minister was working with allies on Thursday to create a “massive” package of sanctions that will “hobble the Russia economy”.

“Today, in concert with our allies, we will agree a massive package of economic sanctions designed in time to hobble the Russian economy.

“And to that end, we must also collectively cease the dependence on Russian oil and gas that for too long has given Putin his grip on Western politics.”

Matt Mathers24 February 2022 16:15

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Bank of Russia intervenes to prop up faltering rouble

Russia’s central bank said it would intervene in currency markets to prop up the faltering rouble, which crashed to an  all-time low of 89.60 against the US dollar after Putin launched a full-scale invasion.

The bank said: “To stabilise the situation on the financial market, the Bank of Russia decided to start interventions on the currency market.

“The bank has also decided to expand the list of securities it accepts as collateral in exchange for liquidity it provides, and will hold operations to offer extra liquidity to the Russian banking sector.”

Matt Mathers24 February 2022 16:02



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