Wall Street Rebounds Despite Attack On Ukraine

After opening sharply lower as Russia attacked Ukraine and the United States and Europe threatened massive sanctions, Wall Street indices ended trading in positive territory on Thursday.

The S&P 500 finished up 1.5 percent at 4,288, while the Nasdaq climbed 3.3 percent to close at 13,473.

The Dow Jones gained 0.3 percent to end at 33,223.

Traders had been bracing for a punishing response to the attack from the West, and while US President Joe Biden announced painful sanctions on Russia, Washington and its allies stopped short of imposing even tougher measures.

It was unclear if Moscow would retaliate with steps like curbing their energy exports, which could drive up fuel prices as many nations deal with high inflation, but Tom Cahill of Ventura Wealth Management said US markets had overdone their selling and were due for gains.

"We were definitely oversold and due for a bounce," he said. "I think there was a 'buy the rumour, sell the news' waiting to happen, and... it kind of fed on itself."

The gains capped a session that began on a starkly different note, with the Dow 2.2 percent in the red minutes into trading and the Nasdaq 2.5 percent underwater.

Tech stocks were among the big gainers as traders hunted for deals, with Netflix climbing 6.1 percent by the close, Microsoft winning 5.1 percent and Meta Platforms, formerly Facebook, gaining 4.6 percent. (AFP)