Stocks fell on Monday, with the Dow down by 400 points after a new round of Western sanctions hit Russia’s financial markets. However, this was tempered by reports that Russian as well as Ukrainian officials are meeting to discuss a potential ending to the war, even as Russian troops are continuing their assault on Kyiv, Ukraine’s capital. Kyiv.
Stocks plunged sharply before the time of opening at 9:30: The Dow Jones Industrial Average was down 1.2 percent, or around 400 points, while the S&P 500 lost 1.1% and the tech-heavy Nasdaq Composite close to 1 percent.
The price of energy jumped yet again on Monday, with Brent crude rising over 3percent to more than $100 per barrel. experts cautioning that the price may be pushed higher in the wake of the conflict.
The Russian ruble fell as much as 30% in comparison to dollar U.S. dollar on Monday in the wake of the most recent round of Western sanctions. The Moscow stock exchange was shut for the day . Russia’s central bank more than doubled the interest rate to 20% 20%.
The actions come following the latest series of Western sanctions that have slammed Russia’s economy: In the United States, United States joined European allies over the weekend in blocking Russian banks out of the interbank messaging system, SWIFT, which connects more than 11,000 financial institutions spread across more than 200 countries.
Though stocks were moving lower on Monday, sentiment among investors did gain a little due to the news about Russian and Ukrainian officials are meeting near the border in order to discuss the possibility of a resolution to the conflict.
Despite official meetings for talks, Russia has continued its offensive on Ukraine as it entered the second-largest city of the country on the weekends (though Ukrainian troops have put more of a fight than they expected and are still in control of Kyiv, the capital city of Kyiv).
“Putin’s attack on Ukraine is showing to be a massive folly for his country since his forces fail to take any major cities , while the international community responds with devastating number of financial counterattacks” says Vital Knowledge founder Adam Crisafulli. While the stock market has taken some damage from the ongoing hostilities, “investors will obviously be watching very closely” to keep track of the negotiations that are taking place between Russia in the Ukraine and Russia. Ukraine.
Markets have been volatile during the past few weeks because tensions between Russia and Ukraine intensified, with Russian the president Vladimir Putin officially launching his invasion of the country last Thursday. The stock market rebounded on Friday with the Dow rising by 800 points, its most successful day since the end of 2020–as reports first came out concerning Russia saying it would be willing to engage in discussions with Ukraine.