It’s been a rollercoaster week for US stocks, as tensions in Ukraine and renewed inflation fears drive the market
The Dow Jones dropped almost 450 points, or 1.3%.
The Ukrainian President called for more pressure on Russia from other countries as the conflict appears to be entering a stalemate.
Oil prices ticked higher on the day, with the price of crude gaining around 5% to nearly $115 per barrel.
That led to a rally for energy stocks across the board.
Wall Street came off a strong session Tuesday after the Dow jumped more than 250 points and the S&P 500 climbed 1.1%.
Breather rally
“There’s a little bit of a breather today, but the breather really is signaling that equities have the ability to continue to move higher,” Jeff Kilburg, chief investment officer of Sanctuary Wealth, said Wednesday.
All three averages are on track to close the month more than 1% higher. The S&P 500 has recouped its losses since Russia invaded Ukraine in February.
General Mills added nearly 2.5% after the food maker reported better-than-expected quarterly earnings Wednesday and raised its full-year outlook.
On the downside, Adobe shares fell 9.3% after the company forecasted lower-than-expected profit and revenue in its fiscal second quarter.
