Dow jumps more than 400 points after Russia says it’s withdrawing some troops
People walk past the New York Stock Exchange (NYSE) on Wall Street on February 11
By Matt Egan, CNN Business
Wall Street’s Russia-Ukraine fears eased Tuesday morning after Russia announced it is withdrawing some troops following the completion of recent drills near Ukraine.
The Dow jumped 422 points, or 1.2%. The S&P 500 surged 1.5% and the Nasdaq was 2.5% higher.
Investors have been concerned that an armed Russian conflict with Ukraine could badly damage the global economy. A war could send prices surging in regions that have already been struggling with rapidly rising inflation, especially as energy supplies could be disrupted in the middle of a conflict. Russia is a major exporter of oil and particularly natural gas.
US oil futures tumbled 3.7% to just under $92 a barrel. That’s despite the fact that Russia stressed Tuesday that major military exercises would continue.
The market reaction to signs of potential de-escalation is the latest example of investors hanging on nearly every headline emerging from the crisis.
The Dow and S&P 500 have declined three days in a row, including a drop on Monday that came after the State Department announced the closure of the US embassy in Kyiv.
US oil prices jumped above $95 a barrel Monday for the first time since 2014 on concerns about the Russia-Ukraine conflict.
The-CNN-Wire
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