By Sam Boughedda
Investing.com – Stocks finished higher on Thursday lifted by chip stocks as oil prices fell and President Joe Biden met with NATO allies on the situation in Ukraine.
Biden said the allies would respond to Russia if it used chemical weapons on Ukraine, which it invaded one month ago today. The president also called for Russia to be removed from the G-20 group of countries.
The allies, which met in Brussels, agreed to shore up their forces in Eastern Europe to hold Russia at bay. They are sending more aid to Ukraine and trying to raise the pressure on Russia with economic and other sanctions.
In the, U.S. new data showed last week’s claims for unemployment reached a low not seen since 1969, as the Federal Reserve starts out on a series of interest rate hikes to calm hotter than expected inflation.
Some Fed officials want more aggressive action on rates, raising them at half-point increments rather than the customary quarter-point hike such as the Fed did last week. But others on the policy committee cautioned against being too aggressive.
Reuters reported that Russian President Vladimir Putin said Moscow would seek payment in rubles for gas sold to "unfriendly" countries, comments that rocked energy markets, but Europeans like Italy’s president, said they would continue to pay in euros.
Here are three things that could affect markets tomorrow:
1. Biden in Europe
Biden told reporters at a press conference in Brussels that he was also working to ensure China doesn’t come to Russia’s aid, saying he has talked to President Xi Jinping and emphasized the severe consequences if China were to help. China’s economic interests, Biden said, were more focused on the West than Russia.
On Friday, Biden travels to Poland, a NATO member that has taken in millions of Ukrainian refugees.
2. Fed outlook
Chicago Fed President Charles Evans said Thursday that the central bank needs to raise rates this year and next to tame inflation before it becomes a self-fulfilling prophecy. But he also said the Fed should be cautious.
"I just think that we want to be careful" not to raise interest rates too abruptly, and instead take the time to assess whether supply chains are improving and how the war in Ukraine is affecting the economy, Reuters reported him saying.
3. Uber moves
Uber Technologies Inc (NYSE:UBER) will begin listing New York City taxis on its app, a change in direction for the ride-hailing giant, which for years has faced opposition from taxi groups.
The change in course comes as part of a deal with Creative Mobile and Curb to offer more transportation options. It also helps to ease the company's struggles with driver availability.
-- Reuters contributed to this report