London, Wednesday, 09 March 2022
US Markets Summary
Concerns over the impact of the punitive actions taken against Russia by countries and firms weighed on U.S. equity markets on Wednesday, as stocks rose to recoup some losses following a tumultuous start to the week.
The S&P 500 index finished 2.6 percent higher at 4,277.89, its highest level since June 2020. The Dow Jones Industrial Average rose 650 points, or 2%, to 33,286.25.
The Nasdaq closed at 13,255.55, up 3.6 percent from a year earlier on March 9, 2021, its highest level since that date.
The CBOE Volatility Index, or VIX, fell over 10% but remained above the 30 mark.
The S&P 500 had plummeted 0.7 percent the day before, bringing its year-to-date losses to 12.5 percent.
The Dow Jones Industrial Average fell more than 0.5 percent, deepening its correction, while the Nasdaq Composite Index continued to fall after entering a bear market earlier this week.
Crude oil prices fell from 14-year highs as Ukraine indicated that it wanted to work out a diplomatic solution to Russia's conflict.
Wednesday afternoon, West Texas intermediate crude fell to little over $110 per barrel, while Brent crude was slightly above $112 per barrel.
Gas costs, on the other hand, have risen to a new high across the United States.
European Markets Summary
The Dax in Germany rose more than 7% to close above 13,700, its highest daily percentage gain since March 2020, while the Stoxx 600 in Europe rose 4.7 percent, its greatest day in two years.
Following a dramatic sell-off yesterday, investors have piled into inexpensive stocks despite surging commodity prices and the ongoing conflict in Ukraine.
On the corporate side, Adidas rose almost 13%, the most on the index, as the business reported a 33.6 percent increase in Q4 net earnings to €202 million and a 10% increase in dividends, as the year ahead outlook remained bright despite the danger posed by the Russia-Ukraine conflict.
Investors are now looking for indications about the route of crisis-era stimulus at the ECB meeting on Thursday, with tensions between the West and Russia over Ukraine clouding the outlook for policy.
U.S. Stock Market Indexes as at 4:00 p.m. ET
S&P 500: +107.16 (+2.57%) to 4,277.86
Nasdaq: +459.99 (+3.59%) to 13,255.55
Dow Jones: +652.65 (+2.00%) to 33,285.29
European Stock Market Indexes
STOXX Europe 600: +19.44 (4.68%) at 434.45 as on Mar 9, 6:00 PM GMT+1
FTSE 100 in London: +226.61 (3.25%) at 7,190.72 as on Mar 9, 4:48 PM GMT
DAX 30 in Germany: +1,016.42 (7.92%) at 13,847.93 as on Mar 9, 5:55 PM GMT+1
CAC 40 in France: +424.87 (7.13%) at 6,387.83 as on Mar 9, 6:05 PM GMT+1
FTSE MIB 30 in Italy: +1,551.36 (6.94%) at 23,889.49 as on Mar 9, 5:35 PM GMT+1
IBEX 35 in Spain: +379.70 (4.88%) at 8,163.10 as on Mar 9, 5:38 PM GMT+1
Ten-year U.S. Treasury note: +7.6 bps to yield 1.9480%
Dollar index: -1.07 or -1.08% at 97.99 as on Mar 9, 2022 at 5:47 p.m. EST
VIX volatility index: −2.68 (7.63%) at 32.45 as on Mar 9, 3:15 PM CST
Brent crude: +1.77 or + 1.59% at $112.85 per barrel as on Mar 9, 2022 at 10:49 p.m. GMT
West Texas Intermediate: -0.66 -0.57% at $ 115.02 as on Mar 4, 2022 9:58 p.m. GMT
Gold: -60.09 or -2.93% at $ 1,992.52 an ounce as on Mar, 09 2022 at 18:02 NY Time
Silver: -0.57 or -2.17% at $ 25.78 an ounce as on Mar, 09 2022 at 18:02 NY Time
Bitcoin: +3,156.20 (8.15%) at $ 41,905.50 as on Mar 9, 10:59 PM UTC
Ethereum: +135.68 (5.27%) at $ 2,712.35 as on Mar 9, 11:04 PM UTC
(Written and edited by: The Decision Maker)