Investors rediscovered the desire to bet on riskier assets with the global MSCI index ending above session lows and the U.S. dollar cutting gains while oil futures retreated from records after Russia invaded Ukraine.
Moreover, U.S. treasury yields eased most of the decline after falling sharply during the session while gold ended in the red after soaring during the early session at 3.5%.
Joe Biden's announcement made an impact
The announcement by US President Joe Biden that he will implement new sanctions against Russia has seen little recovery to risky sentiment.
Biden also announced that the US was working with oil producers to ensure a secure world energy supply, besides stressing that the US would not go to war with Russia but would send its troops to Germany.
According to Jack Janasiewicz, portfolio manager of Natixis Investment Managers Solutions, investor sentiment slightly recovered when the announcement of sanctions by Biden did not affect the recovery of inflation in areas such as energy.
MSCI’s worldwide share gauge closed 0.46% lower after falling more than 3% to its lowest level since March 2021.
The Dow Jones Industrial average closed 92.07 points or 0.28% higher at 33,223.83 while the S&P 500 was up 63.2 points or 1.50% at 4,288.7 and the Nasdaq Composite was up 436.10 points or 3.334% at 13,473.59.
The dollar climbed to a 2 -year high and exceeded 1.62% against a number of other major currencies, with the dollar index up 0.91% with the Euro down 1.01%.
The 10 -year benchmark note was up 4/32 in price at a yield of 1.9651% from 1.977% while the 30 -year bond was down 5/32 in price at a yield of 2.2818% from 2.275% and the 2 -year note added 2/32 in price at a yield of 1.5697% from 1.6%.
US crude was up 0.77% at $ 92.81 a barrel from $ 100.54 and Brent was up 2.3% at $ 99.08 a barrel from a record high of $ 105.79.
Spot gold was down 0.3% at $ 1,902.86 an ounce after rising to a session high of $ 1,973.96.
