Skip to Content

Dow jumps more than 400 points after Russia says it’s withdrawing some troops

By Matt Egan, CNN Business

Wall Street’s Russia-Ukraine fears eased Tuesday morning after Russia announced it is withdrawing some troops following the completion of recent drills near Ukraine.

The Dow jumped 422 points, or 1.2%. The S&P 500 surged 1.5% and the Nasdaq was 2.5% higher.

Investors have been concerned that an armed Russian conflict with Ukraine could badly damage the global economy. A war could send prices surging in regions that have already been struggling with rapidly rising inflation, especially as energy supplies could be disrupted in the middle of a conflict. Russia is a major exporter of oil and particularly natural gas.

US oil futures tumbled 3.7% to just under $92 a barrel. That’s despite the fact that Russia stressed Tuesday that major military exercises would continue.

The market reaction to signs of potential de-escalation is the latest example of investors hanging on nearly every headline emerging from the crisis.

The Dow and S&P 500 have declined three days in a row, including a drop on Monday that came after the State Department announced the closure of the US embassy in Kyiv.

US oil prices jumped above $95 a barrel Monday for the first time since 2014 on concerns about the Russia-Ukraine conflict.

The-CNN-Wire
™ & © 2022 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.

Article Topic Follows: CNN - Business/Consumer

Jump to comments ↓

CNN Newsource

BE PART OF THE CONVERSATION

KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content