S&P 500, Dow rise with focus on Russia-Ukraine peace talks, Fed
Gains in financials and healthcare stocks supported the Dow and S&P 500 on Mondayas investors pinned their hopes on the Russian-Ukrainian peace talks, while focusing on the upcoming Federal Reserve policy meeting.
The conflict has rattled global financial markets and fueled concerns about runaway inflation as oil and other commodity prices soar amid tough Western sanctions on Russia.
Talks between Ukraine and Russia halted on Monday and will continue on Tuesday, one of kyiv’s negotiators said on Twitter.
Ukraine had started “tough” talks with Russia on a ceasefireimmediate withdrawal of troops and guarantees of security, despite the deadly shelling of a residential building in kyiv.
“We clearly did a lot of multiple contractions across the board. You have this market that will continue to be held hostage by headlines from Russia-Ukraine“said Art Hogan, chief market strategist at National Securities.
“Energy prices eased slightly, helping to ease some of the inflation fears. The Federal Reserve should have that first rate hike and having it behind us will probably be positive, but that’s only Wednesday.”
At 11:43 a.m. ET, the Dow Jones Industrial Average rose 240.53 pointsi.e. 0.73%, at 33,184.72, the The S&P 500 gained 4.40 pointsor 0.10%, to 4,208.71, and the The Nasdaq Composite lost 114.83 pointsor 0.89%, to 12,728.98.