US market close: Dow adds 834 points, most in over a year
By Joseph Toppe
21:08, 25 February 2022
Wall Street investors were busy on Friday, as the Dow added 834 points over the backdrop of the Russian army's continued assault on Kyiv and the rest of Ukraine. This was the largest single day gain since November 2020.
The Dow Jones Industrial Average (US30) went up 2.51%, the S&P 500 went up 2.24%, while the Nasdaq Composite (US100) went 1.64% higher.
Halfway through the session, the Dow was up approximately 617 points, or 1.86%, the S&P was up around 1.73%, and the Nasdaq was roughly 1.13% higher.
War clouds global economy
Clemson University economist Scott Baier told Capital.com, “We are seeing the impact of the Russian invasion on petroleum, and the higher energy prices will likely act as a drag on economic activity in the near future.”
“Current events have increased uncertainty and imposed more downside risks for economic growth around the world,” he said. “This cloud of uncertainty is showing up across most major markets.”
What is your sentiment on US30?
Winners & losers: Tech takes off
In the technology sector, shares of Adobe are up 0.37%, Apple is up 1.30%,while Advanced Micro Devices (AMD) is 3.82% in the green, and Texas Instruments is 0.73% higher.
In other tech stocks, shares of Microsoft are up 0.92%, Nvidia is 1.72% higher, as Intel jumped 2.12% and Alphabet rose 1.33%.
App shares are trading higher on Friday with Meta up 1.39%, Twitter up 0.89%, while Snap popped 0.82% and Pinterest skyrocketed 3.99%.
Oil: Falls back
Oil futures are down on Friday as West Texas Intermediate crude for April delivery lost $1.22, or 1.3%, to settle at $91.59 a barrel on the New York Mercantile Exchange, April Brent crude shed $1.15, or 1.2%, at $97.93 a barrel on ICE Futures Europe.
In energy stock, shares of Hess rose 2.37% and Exxon Mobil went up 2.69%.
Gold: Recedes
Gold futures are down to close the week as April gold slipped $38.70, or 2%, to settle at $1,887.60 an ounce.
Treasury: Yield goes up
The yield on the benchmark U 10-year Treasury note rose to 2.004% from 1.969% on Thursday.
Forex: US buck wobbles
The US dollar held its place on the euro and British pound sterling, sitting at $0.89 and $0.75 of the currencies respectively, but slipped again on the Canadian dollar to $1.27 from $1.28 on Thursday.
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