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Stock Market Today: Dow Closes Higher on Chip-Fueled Rally

Stock Markets Mar 24, 2022 04:25PM ET
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By Geoffrey Smith and Liz Moyer

Investing.com -- U.S. stocks closed higher on Thursday fueled by a rally in chip stocks against the backdrop of a day of intense diplomacy in Brussels, where the U.S. is trying to cajole Europe into putting more economic pressure on Russia to stop its war in Ukraine.

By 4:18 PM ET, the Dow Jones Industrial Average was up 349 points, or 1%, while the S&P 500 rose 1.4% and NASDAQ Composite was up 1.9%. All of the three main cash indices had faltered on Wednesday after a week of solid gains; the market has digested the risk of faster monetary policy tightening and the prospect of a global economic slowdown due to the war in Ukraine.

President Joe Biden is attending summits of both NATO and the G7 and will also be at a meeting of EU leaders later in the day, which may or may not yield fresh sanctions on purchases of Russian energy exports. The meetings are taking place a month to the day after Russia invaded Ukraine, triggering sharp sell-offs in equity markets and an equally sharp squeeze in oil, metals, and agricultural commodities - all of which are heavily influenced by the availability (or otherwise) of Russian exports. Newsflow from the battlefield continues to show intense fighting, with Russia claiming to have captured Izyum, an important rail junction town near Kharkiv, and Ukrainian forces crippling at least one Russian landing ship that was supplying the troops besieging the port city of Mariupol.

The domestic news slate, by contrast, is relatively thin, although more Federal Reserve officials will weigh in with fresh comments on the need to tighten monetary policy further. Jobless claims for last week hit a low not seen since 1969.

Washington's focus remains on the confirmation hearings for Supreme Court nominee Ketanji Brown Jackson.

Crude oil futures turned lower, as the tough fighting and the prospect of extra Western help for Ukraine coming out of the day's summits increased the likelihood of the conflict dragging on. Any sign of further restrictions on European buying will force importers to chase barrels elsewhere on the global market. French major TotalEnergies (NYSE:TTE) said late on Wednesday that it, too, will stop buying Russian crude by the end of the year, after coming under intense pressure for not announcing that step at the same time as Shell (LON:RDSa), BP (NYSE:BP) and other European companies. The company still intends to buy Russian gas, however.

By 2:18 PM ET, U.S. crude futures were down 3% at $111.47 a barrel, while Brent crude was down 2.9% at $118.03 a barrel.

Gold futures rose 1.2% to $1,961 an ounce.

This story was originally published at 7:40 AM ET and updated

Stock Market Today: Dow Closes Higher on Chip-Fueled Rally
 

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Comments (6)
James Victorino
James Victorino Mar 24, 2022 2:59PM ET
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Raising pressure on Russia, who is one of the primary producers of raw materials used to manufacture electronics, should actually be bearish. What am I missing?
Randall Paul
Randall Paul Mar 24, 2022 1:01PM ET
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Biden will not be effective. just making a diplomatic show.
Jouni Matero
Jouni Mar 24, 2022 12:25PM ET
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You guys just spin headlines roulette depending on color of chart on that very moment lol
Chih Pin Wu
Chih Pin Wu Mar 24, 2022 9:10AM ET
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It's only Thursday, the US dollar index futures will rise casually. Anyway, everyone says it will rise. Let wars, inflation, interest rate hikes and monthly KD go to hell!
Plyler McManus
Plyler McManus Mar 24, 2022 8:26AM ET
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Just buy gold. Apparently they are selling it by the barrel now .. "rose 0.8% to $1,952 a barrel"
Chad Richer Than You
Chad Richer Than You Mar 24, 2022 8:05AM ET
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Ukraine is Syria nr 2. So you're looking at 10+ years of conflict. Europe needs to accept this and move the fvk on.
 
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