Wall Street reels, then recovers after invasion of Ukraine

By STAN CHOE and ALEX VEIGA
AP Business Writers

NEW YORK (AP) — Markets swung wildly Thursday as the world reacted to Russia’s invasion of Ukraine. Stocks in Europe fell sharply, while stocks in the U.S. recovered from early losses after President Joe Biden stopped short of implementing the steepest possible sanctions against Russia. The S&P 500 rallied 1.5% after erasing an early 2.6% loss, while the Nasdaq staged an even bigger comeback to end with a gain of more than 3%. The heaviest losses hit stocks in Europe, where officials called Russia’s actions a “brutal act of war,” with the German DAX down 4%. Prices for oil and other commodities rose sharply, raising inflation fears, before falling back a bit.