Oil climbs, stocks rise as US bans Russian crude imports
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By STAN CHOE
AP Business Writer
NEW YORK (AP) — Stocks gained ground, oil prices jumped and the price of nickel surged so much that trading for the metal was shut on Tuesday. The economic fallout from Russia’s invasion of Ukraine continues to rock markets, and U.S. President Joe Biden said he’s banning the import of oil from Russia in the latest move to financially isolate the country. The S&P 500 rose 1.1% in afternoon trading, but only after earlier pinballing between gains and losses. It’s coming off a three-day losing streak where worries about a possible, painful combination of higher inflation and a slowing economy triggered the index’s worst day in 16 months.