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Stocks up, fear down on Wall Street despite Ukraine invasion

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Such big swings are likely to continue in the hours and weeks ahead, with so much uncertainty not only about Ukraine but also about interest rates.

The Associated PressUkraine

The Federal Reserve is caught in a delicate dance where it has to raise interest rates enough to rein in high inflation but not so much as to cause a recession. Reports that Russia is ready to send a delegation to Belarus for talks with Ukrainian officials helped somewhat. A U.S. government report, meanwhile, showed that that inflation last month was roughly in line with economists’ expectations, though it was still high. It also showed the main engine of the U.S. economy, spending by consumers, strengthened by more than economists expected.

All the renewed calm in global financial markets, though, was against the backdrop of Russia pressing its invasion of Ukraine to the outskirts of the capital Friday after unleashing airstrikes on cities and military bases and sending in troops and tanks from three sides in what amounts to the largest ground conflict in Europe since World War II.

Oil prices fell on both sides of the Atlantic, a day after they briefly topped $100 per barrel amid worries that the conflict and upcoming sanctions could disrupt supplies. Benchmark U.S. crude slipped 1.7% to $91.13 per barrel. Brent crude, the international standard, fell 1.7% to $93.69.

 

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