U.S. stocks rose amid a turbulent trading session abroad as oil prices retreated as investors focused on a meeting of united world leaders against Russian aggression.
Technology companies pushed U.S. stock indices with the Nasdaq Composite up 269.24 points or 2% at 14,191.84 while the Dow Jones Industrial average index added 349.44 points or 1% at 34,707.94 and the S&P 500 reaching 63.92 points or 1.43% at 4,520.16.
The pan-European STOXX 600 index was down 0.2% and the MSCI world stock index, which currently excludes companies from Russia, reached 0.71%.
A meeting between Western leaders held in Brussels on Thursday has seen agreement on increased military power in Ukraine and more sanctions on Russia as a result of the aggression, thus signaling the Moscow government has been sidelined.
According to Larry Fink, chairman of BlackRock Inc, the economic and political isolation action against Russia has ‘put an end to the globalization that has been going on for the past 3 decades’.
Meanwhile, the dollar continued to strengthen for the 4th time in 5 sessions as economic data for the US labor market supported firms' expectations of aggressive action by the Federal Reserve (Fed) in curbing inflation, but the currency's monarchy over the weekend was slightly limited.
The dollar index rose 0.15% while the Euro fell 0.05% at $ 1,099.
Meanwhile, US treasury yields resumed their selling session, driven by high bond yields and new labor market data as well as rate hike pressure by the Fed.
The benchmark note 10 -year treasury yield rose 4.2 basis points at 2.363% and 2 -year treasury yield rose 1.3 basis points at 2.126%.
Summary on commodity markets, crude oil prices fell 2% after the European Union (EU) disagreed on Russia’s oil boycott plans and news that the Kazakhstan Caspian Pipeline Consortium would resume.
As a result, US crude fell 3.13% at $ 111.33 a barrel and Brent crude was down 3% at $ 118.01 a barrel.
Gold rose to more than a week-long high as rising prices and Ukraine’s war conflict pushed up safe-haven ingot prices, where spot gold added 0.9% at $ 1,961.43 an ounce.
