Posted on 02/24/2022 1:03:35 PM PST by abb
Major U.S. stock indexes recovered considerable ground on Thursday to end higher, despite stumbling early in the session after Russia launched a military assault on Ukraine. The Dow Jones Industrial Average DJIA, 0.28% flipped positive in the final 15 minutes of trade, adding about 90 points, or 0.3%, to end near 33,222. The S&P 500 SPX, 1.49% gained 1.5% and the Nasdaq Composite Index COMP, 3.34% booked a 3.3% gain. The rally came as oil prices CL00, 1.38% climbed and bond yields tumbled, putting the 10-year Treasury rate below 2%. Investors attributed the turnaround for stocks partly to President Joe Biden's new sanctions imposed Thursday on Russian banks, companies and elites from doing business in western markets, with the aim of cutting short Russian hostilities in Ukraine.
(Excerpt) Read more at marketwatch.com ...
“Stocks rallied because the market believes the West is going to issue some bluster and hashtags, but not actually do anything about the Ukraine. So business as usual.”
^^^ This. The market turned with Biden’s speech. It was obvious to anyone listening that Biden’s sanctions are as phony as a three dollar bill. Nothing actually disruptive, so business as usual.
BINGO
Short covering...
“Who is pumping/holding this sham up?”
Tens of millions of everyday people, same as every other day.
When gas goes to $10 a gallon this might change their attitude and lookout since we import a million barrels of oil a day from Russia
Best time to buy stocks is when everyone else is selling ‘em.
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