US stocks notch best day since June 2020 as oil drops and investors hope for Ukraine-Russia compromise
stockson Wednesday notched their best session in nearly two years.
- Stocks soared as
Ukraine's president told German newspaper Bild he's open to compromise with Russia.
Stocks soared Wednesday, logging their best session in nearly two years after the president of Ukraine indicated he's open to discussing a compromise with Russia following the invasion of his country two weeks ago.
"The question here is not what I can give. In every negotiation, my goal is to end the war with Russia. And I'm also ready to take certain steps," Zelenskyy said, according to a German-language translation. "Compromises can be made, but they must not be a betrayal of my country.
Here's where US indexes stood at 4:00 p.m. on Wednesday:
- S&P 500: 4,277.86, up 2.57%
- Dow Jones Industrial Average: 33,285.65, up 2% (653.01 points)
- Nasdaq Composite: 13,255.55, down 3.59%
With inflationary pressures a source of worry, the S&P 500's consumer discretionary sector has lost about 21% this year, the worst-performing on the broad-market index. The energy sector has gained about 36%, making it the best-performing group. The next US consumer inflation report is due Thursday, with pre-war annual prices anticipated to hit 8%.
Fitch Ratings is anticipating an "imminent" Russian default, it said as it cut the country's credit rating for the second time in seven days. Meanwhile, the Russian ruble tumbled after Moscow's exchange reopened it for trading.
Bitcoin rose above $40,000 as US Treasury Secretary Janet Yellen accidentally revealed details of President Biden's executive crypto order. Biden's order has six priorities for setting national oversight policy of the nearly $2 trillion crypto market.
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