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Stocks Rise as Oil Pares Gain After Biden Address: Markets Wrap

  • Russian forces enter Ukraine accompanied by artillery fire
  • Energy surge adds to price concerns ahead of rate hikes
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WATCH: Oil soared and global stocks and equity futures tumbled Thursday after Russia’s invasion.Source: Bloomberg
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U.S. stocks erased losses to trade higher Thursday, with investors finding refuge in large-cap American technology shares, as a decline in oil prices eased concern Russia’s invasion of Ukraine would result in an immediate worsening of the inflation picture.

The S&P 500 added 1.5%, the Nasdaq 100 gained 3.4% and the Dow Jones Industrial Average was 0.3% higher after teetering on the edge of a correction as the conflict with Russia cast a pall over global markets. The Stoxx Europe 600 fell 3.3% and Russian shares slumped the most on record.