The Dow fell almost 800 points, at one point, as investors react to the ongoing situation in Ukraine.
A big slide for the markets today and oil is skyrocketing. It’s up 9% on the day, well over $100 per barrel.
The Dow fell 597 to close at 33,294.
The Nasdaq lost 218 points or 1.5 %
The S&P also dropped 1.5%, down 67 points.
Experts say this is usually what happens during a time of war, oil prices jump, then countries like the U.S. step in and release reserves. That’s exactly what has now happened, with the U.S. and allies releasing 60 million barrels to help ease the blow.
Crude reached a high of 105 a barrel today, a price not seen since 2014.
Earnings today, Target shares jumped 11% after the company reported 9% sales growth in the 4th quarter. Kroger shares rose some 2% after a firm upgraded the grocery store chain.
And Wells Fargo and Bank of America were losers today, as falling treasury yields eat at bank profits.
Get ready to head back to the office. After two years of pandemic-related remote work, companies like Amex, Meta, and Wells Fargo all say they plan to re-open some their offices this month.
From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.