US stocks picked up momentum Wednesday midday after Federal Reserve Chairman Jerome Powell signaled he would support a 0.25% rate hike this month, regardless of the uncertainty between Ukraine and Russia.
RUSSIA INVADES UKRAINE: LIVE UPDATES
The Dow Jones Industrial Average jumped nearly 700 points or 2%, while the S&P 500 and also saw a gain north of 2% and the Nasdaq Composite 1.8%.
| ticker | Security | load | Change | change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGE | 33939.4 | +644.45 | +1.94% |
| SP500 | S&P 500 | 4391.57 | +85.31 | +1.98% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13747.991836 | +215.53 | +1.59% |
Positive economic data also helping as employers added 475,000 positions as tracked by ADP’s monthly jobs report, a reversal from January’s surprise loss of 301,000 jobs. The data soils well for Friday’s Labor Department report.
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Oil prices surged past $112 per barrel, before easing, as Russian forces stepped up attacks on Ukrainian cities and as OPEC agreed to modest output adjustments.
| ticker | Security | load | Change | change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND LP | 75.06 | +3.24 | +4.51% |
| BNO | UNITED STS BRENT OIL FD LP UNIT | 31.32 | +1.95 | +6.64% |
Oil prices rose despite an agreement by the US and other major governments in the International Energy Agency to release 60 million barrels from strategic reserves to stabilize supply Tuesday.
EXXONMOBIL TO HALT OIL PRODUCTION IN RUSSIA, SUSPEND NEW INVESTMENTS THERE AMID WAR WITH UKRAINE
In stock news, Ford CEO Jim Farley announced he was dividing two of the automaker’s key units into separate businesses. “Ford Blue and Ford Model e will operate as distinct businesses, but share relevant technology and best practices to leverage scale and drive operating improvements; along with Ford Pro” the company announced, a further move in Farley’s turnaround.
| ticker | Security | load | Change | change % |
|---|---|---|---|---|
| f | FORD MOTOR CO. | 18.18 | +1.48 | +8.88% |
In earnings news, SoFi shares jumped after reporting a better-than-expected quarter and lifting its 2022 outlook.
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| ticker | Security | load | Change | change % |
|---|---|---|---|---|
| SOFI | SOFI TECHNOLOGIES | 11.64 | +0.44 | +3.94% |
Dow member SalesForce also gained after boosting its 2022 forecast and now expects to earn as much as $32 billion.
| ticker | Security | load | Change | change % |
|---|---|---|---|---|
| CRM | SALESFORCE.COM INC. | 211.06 | +2.19 | +1.05% |
And retailer Nordstrom shares surged after reporting solid results from its Nordstrom Rack division, the discount arm.
| ticker | Security | load | Change | change % |
|---|---|---|---|---|
| JWN | NORTH STREAM INC. | 26.96 | +7.41 | +37.90% |
Intel was also in focus after President Biden announced during his State of the Union that the chipmaker may boost its $20 billion investment in its Ohio plans to $100 billion as CEO Pat Gelsinger received a shout out.
| ticker | Security | load | Change | change % |
|---|---|---|---|---|
| INTC | INTEL CORP. | 48.77 | +1.96 | +4.18% |
Elsewhere, companies continue to cut ties with Russia, late Tuesday Apple said it has stopped selling its iPhone and other popular products there. BP and Shell are pulling out investments in the Russian oil industry. Also, Boeing said it suspended major operations in Moscow and temporarily closed its office in Kyiv. Additionally, it suspended supplying parts, maintenance and technical support services to Russian airlines.
| ticker | Security | load | Change | change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 166.96 | +3.76 | +2.30% |
| SHEL | SHELLPLC | 54.76 | +3.00 | +5.79% |
| bp | BP PLC | 30.23 | +1.73 | +6.05% |
| B.A | THE BOEING CO. | 198.30 | +3.40 | +1.74% |
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Bitcoin is trading above $44,000.
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FOX Business’ Ken Martin and The Associated Press contributed to this report.
