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US stocks put together back-to-back up days to end week. S&P and Nasdaq close week higher

  
Analysis, US Market

The major indices have put together back-to-back up days with the Dow leading the way and having it’s best day in 2022. The gains come despite risk of more unrest in Ukraine as Russia surrounds the capital city of Kyiv.

The final numbers are showing:

  • Dow industrial average closed up 834.92 points or 2.51% at 34058.74
  • S&P index closed up 95.95 points or 2.24% at 4384.64
  • mesic index closed up 221.05 points or 1.64% at 13694.63
  • Russell 2000 rows 45.57 points or 2.28% at 2040.93

For the week, the S&P NASDAQ and Russell 2000 will closed higher. The Dow industrial average was virtually unchanged (down marginally)

  • Dow industrial average, -0.06%
  • S&P index, +0 81%
  •  NASDAQ  index +1.08%
  • Russell 2000 +1.58%

Year to date:

  • Dow industrial average, -6.27%
  • S&P -8.02%
  • NASDAQ, -12.47%
  • Russell 2000, -9.10%

Kremlin says Putin has agreed to organize negotiations with Zelensky

  
Analysis, Politics
  • Putin has agreed to organize negotiations after Zelensky said he was ready to discuss neutrality (not joining NATO)
  • We have notified the Ukrainians of proposals to hold talks in Minsk
  • Called Belarus’s Lukashenko to organise Minsk talks
  • Ukraine proposed talks in Warsaw instead, then broke off contact
  • Ukraine has yet to respond to proposal

It would seem there’s a path forward here but you’d hate to see it derailed over a fight on the location of talks.

A wild day in the US stocks as sharp losses are fully erased (and then some).

  
Analysis, US Market

The major US indices reversed their sharp declines on the back of Russia’s invasion of Ukraine and are all closing higher. The huge reversal snapped losing streaks for the major indices. Some day fact include:

  • NASDAQ rates day -3.45% decline, and close higher for the first time in six trading days
  • Dow industrial average erased day -859.12 point decline and also close higher for the first time in six trading days
  • S&P index traded down -2.63% before snapping back and closing up 1.50%. It snapped a four-day losing streak
  • Russell 2000 index also erased sharp declines

A look at the final numbers shows:

  • Dow industrial average rose 92.07 points or 0.28% at 33223.85
  • S&P index rose 63.2 points or 1.5% at 4288.69
  • NASDAQ index rose 436.11 points or 3.35% at 13473.60
  • Russell 2000 rose 51.26 points or 2.64% at 1995.35.

The rebound today was impressive. Traders will be looking for a continuation tomorrow.

New US sanctions on Russia not expected to severely target energy – report Report from Politico

  
  Analysis

This isn’t a surprise after the UK announcement. Here’s the report from Politico.

It looks like Russia will continue to be able to sell all the oil it wants to the US and the rest of the world. The report says Rosneft is not expected to be a target of the sanctions.

Risks are still high but right now it doesn’t look like this war is going to take a single barrel of oil off the global market.

Given that, I question how long today’s rally will last, particularly if the reports of an SPR release and Iran deal bear fruit.

oil

WTI  crude oil  is at $96.45 from a high of $100.54.

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