Dow adds nearly 800 points recording the best day of 2022

• Stocks moved up after Putin agreed to negotiations with Ukraine 

• Oil prices fell below $100 per barrel as energy supplies from Russia escaped US sanctions

The US stock benchmarks jumped on Friday, with the Dow Jones Industrial Average leading the pack, as investors looked past Russia’s invasion of Ukraine in a bid to make gains. 

The Dow Jones Industrial Average added about 748 points, or 2.3%, to trade at 33,972. The blue-chip average is on track for its best day since late 2020. The S&P 500 was up by 83 points, or 1.9%, to trade around 4,371. The Nasdaq Composite rose by 172 points, or 1.3%, to trade at 13,646.

For the week, the Dow was on track for a 0.1% decline, while the S&P 500 and Nasdaq Composite were each looking at a 0.7% weekly advance, as the benchmarks wiped out losses from earlier in the week.

Market sentiment got a boost Friday after the Russian President Vladimir Putin reportedly agreed to send a delegation to Belarusian capital Minsk for negotiations with Ukraine. Ukrainian officials have said that Russia has been closing in on the capital city of Kyiv, and would likely be able to complete it by the end of the weekend.

Also Read: Aiding Ukraine to protect its sovereignty - The West’s role

The U.S. introduced a new wave of sanctions against Russia to isolate Moscow from the global economy. The Biden administration has also authorized additional troops to be stationed in Germany as NATO allies look to bolster defenses in Europe.

What moved the stocks?

Investors are counting on the fact that the Federal Reserve might slow down its plans to raise interest rates next month considering the global economy is traversing towards uncharted territory. The US central bank will wait to see if there is any impact before going ahead with its interest rate hike plans.

The 10-year Treasury yield was up about three basis points at around 1.99%.

The U.S. oil benchmark, West Texas Intermediate (WTI) for April delivery fell $2.03 to settle at $61.50 a barrel. The U.S. crude benchmark rose 3.8% this week.

Oil prices fell below $100 per barrel on Friday from $105 a day earlier as energy supplies from Russia escaped US sanctions.

Also Read: White House pledges to avoid future sanctions on Russian crude oil