Stock Market Roars Back On Word Of Russia-Ukraine Talks; Dow Percentage Gain Is Biggest Since November 2020
26.02.2022 - 00:27
/ deadline.com
After retreating on Thursday due to Russia’s invasion of Ukraine, U.S. stock markets rebounded sharply today as bargain-hunters bought in and investors cheered news of possible diplomatic talks.
While the stunning act of military aggression continues to cast a pall over the economies of much of the West, the week closed out on an upbeat note. The Dow Jones Industrial Average, Nasdaq and S&P 500 gained between 1.6% and 2.5% on the day, with the Dow registering its biggest jump in percentage terms since November 2020. In the media sector, notable gainers included Fox Corp., AT&T, Roku, Comcast and Dish Network. There were no major decliners, though shares in both Disney and Netflix finished essentially flat.
The Dow rose 834.92 points, up 2.5%, to close at 34,058.75, while the Nasdaq gained 1.6% and the S&P tacked on 2.25%.
Russian President Vladimir Putin and other Kremlin officials have agreed to meet with their counterparts from the Ukraine for talks in neighboring Belarus. Tensions remain high, of course, and Putin has continued publicly insulting Ukrainian President Volodymyr Zelensky and the Russians have spread baseless propaganda about the Ukrainians engaging in genocide. In what was broadly interpreted as an encouraging sign, Putin told China’s president, Xi Jinping, that he was willing to follow through with talks, according to Chinese officials.
While market volatility is apt to continue, some chart-watchers point to signs in today’s upswing that suggest that markets are moving past recent declines to stage a reversal toward more bullish sentiment. The Nasdaq and S&P had each fallen by double digits in 2022 to date, while the Dow had slipped 7%.
Of course, the market is not the same as the economy, and inflation is a