Traders work on the floor of the New York Stock Exchange at the opening bell on Tuesday in New York. Stocks tumbled on Thursday after Russia invaded Ukraine, sending the Nasdaq into what's known as a bear market. Stocks staged a remarkable recovery on Thursday, bouncing back from a steep plunge earlier in the day after Russia's invasion of Ukraine spooked markets, underlining just how volatile conditions remain in Wall Street.
The geopolitical tensions in recent days had already made things worse as investors braced for a Russian invasion of Ukraine. "I know this is hard," President Biden told reporters at the White House."Americans are already hurting. I will do everything in my power to limit the pain the American people are feeling at the gas pump. This is critical to me. But this aggression cannot go unanswered. If it did, the consequences for America would be much worse."
Yet despite the prospect of higher inflation in the near term, it's harder to predict the impact from the invasion over the longer term.