After a rocky week, the Dow Jones Industrial Average soared over 800 points as financial risks regarding Russia’s invasion of Ukraine have shocked markets.
The Dow Jones Industrial Average added 834.92 points, or 2.5%, closing at 34,058.75. The blue-chip average notched its best day since November 2020. The S&P 500 gained 2.2% at 4,384.65. The Nasdaq Composite rose 1.6% to 13,694.62.
Stocks are coming off a whipsaw trading session Thursday in which the major indexes staged a massive comeback from steep declines earlier in the day. The Dow on Thursday erased a more than 800-point decline to close higher.
“Investors who have anticipated elevated volatility in 2022 swiftly came into the marketplace and you’re seeing follow-through today,” Jeff Kilburg, chief investment officer of Sanctuary Wealth, said. “We were in an oversold condition. There was an overreaction in the equity markets to the Ukraine crisis.”
The Dow posted its third-straight losing week despite the two-day surge, however. The S&P 500 and the Nasdaq Composite finished the week 0.8% and 1.1% higher, respectively.