Russia invades Ukraine and the effects will be felt across the entire global economy.
Military action in Ukraine has global markets in free-fall. On Wall Street, the markets started way down before a rebound after President Biden announced sanctions against Russia.
The Dow was down almost 3% but finished up 92 points.
The Nasdaq went positive, gaining 436. That’s up 3 1/3%.
The S&P also did a reverse course, finishing up 63 points, or 1 ½ %
The 10-year treasury yield is 1.97%. The 30-year is even higher at 2.28% after President Joe Biden held a press conference this afternoon discussing sanctions imposed on Russia.
The uncertainty also affects gold and oil. Oil prices touched above $100 a barrel at one point, but backed down to around $93 a barrel at the close of trading. The price of gold has fallen below $1900 an ounce for the first time in a while, losing over 1% today.
International companies operating in Russia and Ukraine are shutting down and resorting to contingency plans. That includes a Coca-Cola bottling company, snack maker Mondelez, and a
steel manufacturer. Several airlines have also suspended operations to Ukraine as that country’s airspace has been closed.