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US English

US market close: Stocks rally despite conflict in Europe

By Joseph Toppe

20:21, 24 February 2022

Wall Street
US economist: Gasoline will cost more as oil prices surge - Photo: Unsplash

The US benchmarks clawed back into positive territory as Russian military forces continue their assault on Ukraine.

On Thursday, the Dow Jones Industrial Average (US30) went up 91 points, or 0.28%, the S&P 500 went up 1.49%, while the Nasdaq Composite (US100) went 3.34% higher.

Halfway through the session, the Dow was down approximately 524 points, or 1.58%, the S&P was down around 0.81%, and the Nasdaq was down roughly 0.01%.

Will war affect US economy?

Clemson University economist Bruce Yandle told Capital.com the Russian invasion “will transmit major economic harm to the US and other economies.”

“We’ve already seen crude oil prices break $100, which could translate into an average of $4.00 per gallon of gasoline in the US,” he said. “In addition to being the producer of 10% of the world’s petroleum, Russia is also a major exporter of coal, natural gas, corn and wheat.”

“In short, the world will suffer from disruptions in major commodity markets. Meanwhile, the US Federal Reserve is struggling to reduce inflation and their action now becomes even more risky, with the prospects of a slowing US economy becoming a more likely outcome,” Yandle said.

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Winners & losers: Tech rebounds

In the technology sector, shares of Adobe are up 8.0%, Apple is up 1.67%,while Advanced Micro Devices (AMD) is 6.24% in the green, and Texas Instruments is 2.38% higher.

In other tech stocks, shares of Microsoft are up 5.11%, Nvidia is 6.08% higher, as Intel jumped 4.64% and Alphabet surged 4.0%.

In the banking sector, shares of Wells Fargo are off 2.3%, Citigroup is down 4.03%, and JPMorgan is 2.84% lower.

DE40

18,731.50 Price
+0.240% 1D Chg, %
Long position overnight fee -0.0221%
Short position overnight fee -0.0001%
Overnight fee time 21:00 (UTC)
Spread 8.0

US30

39,997.70 Price
+0.360% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 21:00 (UTC)
Spread 11.0

HK50

19,724.90 Price
+0.810% 1D Chg, %
Long position overnight fee -0.0225%
Short position overnight fee 0.0005%
Overnight fee time 21:00 (UTC)
Spread 30.0

US500

5,305.70 Price
+0.240% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 21:00 (UTC)
Spread 1.7

Meanwhile, First Republic Bank rose 2.61%, BlackRock went back 0.061%, while Bank of America retreated 2.64% and Goldman Sachs dropped 0.3%.

Oil: Surges

Oil futures are up on Thursday as West Texas Intermediate crude for April delivery added 71 cents, or 0.8%, to settle at $92.81 a barrel on the New York Mercantile Exchange, and April Brent crude tacked on $2.24, or 2.3%, to $99.08 a barrel on ICE Futures Europe.

In energy stock, shares of Hess rose 1.38% and Exxon Mobil went down 1.27%.

Gold: Metals spike

Gold futures went higher as April gold jumped $15.90, or 0.8%, to settle at $1,926.30 an ounce, while March Silver added almost 0.6% to $24.687 an ounce.

Treasury: Yield recedes

The yield on the benchmark 10-year U.S. Treasury note fell to 1.903% from 1.976% on Wednesday.

Forex: USD bounces

The US dollar is up on the euro and British pound sterling, rising to $0.89 and $0.75 of the currencies respectively, while also rising on the Canadian dollar to $1.28.

 

Markets in this article

ADBE
Adobe Systems Inc (Extended Hours)
483.55 USD
-0.6 -0.120%
AMD
Advanced Micro Devices Inc (Extended Hours)
164.60 USD
2.51 +1.550%
GOOGL
Alphabet Inc - A (Extended Hours)
176.57 USD
2.48 +1.430%
AAPL
Apple Inc (Extended Hours)
190.09 USD
0.24 +0.130%
BAC
Bank of America Corp (Extended Hours)
39.31 USD
0.07 +0.180%

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Related reading

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

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