European indexes rallied 3 percent or more across the board, while Asian markets closed in positive territory with the exception of Hong Kong’s Hang Seng Index. Even Russia’s MOEX index, which cratered more than 33 percent Thursday in one of the biggest crashes in equity market history, bounced back nearly 21 percent.
Shortly after 1 p.m., the Dow Jones industrial average was up more than 2.2 percent, nearly 740 points. The broader S&P 500 index had surged about 1.9 percent, while the tech-heavy Nasdaq added about 1 percent. Markets loathe uncertainty, and the Russian attack is arriving at a moment when the economic recovery is under pressure from soaring inflation, chaotic supply chains, labor shortages and other pandemic-era stressors. Investors are betting that the conflict will stall planned interest rate hikes — central banks’ greatest weapon against inflation — as the potentials costs tied to energy market disruption could send prices through the roof.
Russia has warned that Americans will fully feel the “consequences” of the sanctions. U.S. businesses have been warned to prepare for possible cyberattacks and Biden has acknowledged that the crisis could lead to higher gasoline prices. In remarks Thursday, he insisted he will do everything in his power to limit Americans’ pain at the pump and said that the United States is “prepared to respond” to cyber threats to companies and infrastructure.
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