U.S. stocks ended sharply higher on Thursday, led by a 3% gain in the Nasdaq, in a dramatic market reversal as U.S. President Joe Biden unveiled harsh new sanctions against Russia after Moscow began an all-out invasion of Ukraine.
The S&P 500 rose more than 1%, ending a four-day slide amid worries over the escalating crisis. The Dow also ended in positive territory.
After consulting counterparts from the Group of Seven nations, Biden announced measures to impede Russia's ability to do business in the world's major currencies, along with sanctions against banks and state-owned enterprises.
The White House has warned Americans that the conflict could lead to higher fuel prices in the United States, but U.S. officials have been working with counterparts in other countries on a combined release of additional oil from global strategic crude reserves.
All three major indexes sold off early in the day on news of Russia's invasion of Ukraine, with the Nasdaq down more than 3% at the open. They hit session highs in the wake of Biden's comments and rallied heading into the close.