It wasn’t a surprise, but it was still a shock when Russian President Vladimir Putin launched a military assault on Ukraine Wednesday. All eyes were on Wall Street to see how the European instability would affect things in the U.S. financially.
It was pretty rough. The Dow Jones Industrial Average was down 800 points, roughly 2.5%, and the S&P tanked by that same amount. Nasdaq’s losses were worse, down 3% in trading Thursday.
Tesla saw its stock decline by almost $20 per share, and Apple’s stock was down 2.53 percent. On the flip side, Modern’s stock was up $11 after CEO Stephane Bancel said COVID is moving into an endemic, meaning they will be producing yearly booster shots for a very long time.
In turbulent times, the value of gold tends to rise, and it did Thursday, going over $1,900.
A significant concern with a full-blown war going on in Europe is the effect it will have on energy prices. Most economists say fuel prices will soar because of this, and the cost of a barrel of oil rose to $99 per barrel on Thursday.
Crypto investors were anxious to see if bitcoin would rise in value, but that was not the case, as it fell 4.5& from $37,444 to 435,624.
Watch for the next wave of sanctions on Russia that the United States and their allies in Europe will place on Russia, which could include cutting them off from SWIFT and other tactics to hurt them financially.
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