The Dow Jones Industrial Average rose Monday to kick off an important week, as oil prices fell sharply and traders monitored the latest developments from the Ukraine-Russia war.
The 30-stock index leaped 201.30 222.96 points to 33,145.49.
American Express was stronger 3.5%, and Visa added 3.3%, to lead the Dow higher. The S&P 500 financials sector popped 2.4% to lead the broad market index higher.
The S&P 500 ducked back 8.91 points to 4,195.50. The S&P 500 financials sector popped 2.4% to lead the broad market index higher.
Health-care stocks also rose after a COVID-19 spike in China that led Shenzhen — a major city in a key manufacturing hub in China — to shut down all non-essential businesses and impose city-wide testing.
The sector gained 1.9%, led by Moderna and Pfizer. Shares of Moderna gained 13.6%, and Pfizer advanced 4.4%.
The NASDAQ Composite gave up gains and faltered 162.53 points, or 1.2%, to 12,681.28.
Shares of energy companies fell with oil prices. Devon Energy dropped 9%, while Occidental Petroleum lost more than 5%, and Diamondback Energy fell 3.6%. The Energy Select Sector SPDR Fund was lower by 3%.
Fighting has intensified around Ukraine’s capital, Kyiv, while Russian forces bombard cities across the country, killing civilians who are unable to escape. The financial fallout of stiff Russian sanctions will come into sharper focus in the coming days ahead of a scheduled sovereign bond payment.
The U.S. Federal Reserve is expected to raise its target fed funds rate by a quarter percentage point from zero at the end of its two-day meeting Wednesday. Investors are also looking to the central bank for its new forecasts for rates, inflation and the economy, given the uncertainty from the escalated geopolitical tensions.
Treasury prices swooned, raising yields 2.12% from Friday’s 2%. Treasury prices and yields move in opposite directions.
Oil prices descended $8.06 to $101.27 U.S. a barrel.
Gold prices jettisoned $28.10 to $1,956.90 U.S. an ounce.