The S&P 500 Index ended the short week up modestly but not without sinking nearly 6% at one point before sharply returning to normal. Thursday was the most exciting day by far as markets digested the reality of the Russia-Ukraine conflict escalating to combat levels. The S&P 500 opened 2.5% below the previous night’s close but came roaring back as the market priced in less interest rate tightening from the Fed and glimpses of hope that the two Eastern European countries would invite peace talks. President Biden, along with other Western leaders, announced sanctions against the banking industry in Russia which would intentionally cut Russian banks off from the global economy but left the energy sector relatively untouched. The market expects the Fed to become more dovish in response to the geopolitical uncertainty.
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