Global stocks staged a ferocious rebound from the war-induced rout, with European equities notching the biggest rally since the pandemic bottom in March 2020 and U.S. shares jumping the most intraday since November of that year. Oil sank more than 10% and Treasuries dropped.Dip buyers powered the S&P 500 up almost 3% and Germany’s DAX Index to an eye-popping 7.9% surge on speculation that two weeks of selling amply reflected the global economic impact of escalating sanctions on Russia. Oil slid below $110 a barrel in New York and the 10-year Treasury yield climbed back above 1.9%.Still, the rallies managed to claw back only some of the losses incurred since Russia invaded Ukraine. The DAX had plunged into a bear market earlier this week, while the S&P 500 is still sitting 10% below where it started the year. West Texas crude has added almost $20 a barrel in two weeks, and other commodities from nickel to wheat remain near historically high prices.
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