Nasdaq, S&P 500, reach session highs after Biden comments on Russia

NEW YORK (Reuters) – The Nasdaq and S&P 500 advanced in choppy trading Thursday afternoon, with the Nasdaq up nearly 2% after U.S. President Joe Biden unveiled tough new sanctions against Russia after Moscow launched an all-out invasion of Ukraine. .

It imposes measures to impede Russia’s ability to do business in the world’s major currencies, along with sanctions against banks and state-owned companies. Read more

Indexes were already pulling back from session lows prior to Biden’s comments. News of the Russian invasion of Ukraine sparked a public sale.

IT sector (.SPLRCT) The S&P 500 gave its biggest boost in a reversal of Wednesday’s move.

“There was a quick reaction overnight to Russia’s invasion of Ukraine, but the situation is still developing,” said Lindsey Bell, investment analyst at Ally Financial in New York.

“It is clear that we are not out of danger yet, and we have several weeks of volatility ahead,” she said, adding that “turbulent parts of the market are not driving the market lower today, which is a good sign.”

Dow Jones Industrial Average (.DJI) The index fell 282.93 points, or 0.85 percent, to 3,2848.83 points, the Standard & Poor’s 500 (.SPX) It rose 8.64 points, or 0.20%, to 4,234.14 points, and the Nasdaq Composite Index (nineteenth) It added 232.64 points, or 1.78%, to 13,270.13 points.

The Dow has remained more than 10% below its record close on January 4, putting it on track to confirm a correction – or a drop of 10% or more – from its all-time close.

Ukrainian forces clashed with Russian invaders on three sides on Thursday after Moscow launched a land, sea and air offensive in the biggest attack on a European country since World War Two. Read more

Low issues outnumbered advanced issues on the New York Stock Exchange by 1.51 to 1; On the Nasdaq, the 1.02 to 1 ratio favored the highs.

S&P 500 hit new 52-week high and 64 new low; The Nasdaq recorded 17 new highs and 969 new lows.

Additional reporting by Caroline Valitkevich in New York Additional reporting by Susan Matthew, Devik Jain and Bansari Mayor Kamdar in Bengaluru Editing by Anil de Silva and Matthew Lewis

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