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The major US equity indexes closed mostly higher after a week of historic volatility sparked by Russia’s invasion of Ukraine. On Thursday, the Nasdaq Index swung by 6.8%, the largest intraday range since March 2020. Although a Russian incursion into Ukraine had been widely anticipated, investors appeared surprised by Russian President Vladimir Putin’s decision to launch a broad-scale invasion beyond the breakaway Donbass region. News of attacks on the capital, Kyiv, and other major cities on Thursday morning sent stocks sharply lower. But stocks rallied sharply at the end of the week after Russia stated that it was ready for negotiations with Ukraine and by the fact that Western sanctions against Russia were not as severe as some feared, particularly regarding its energy sector. Friday’s rally pushed the yield on the 10-year U.S. Treasury note slightly higher for the week. Shares in Europe fell over the week as Russia’s invasion of Ukraine fueled fears of higher inflation and an economic slowdown. Markets in China also recorded a weekly loss. Oil and precious metals were practically unchanged on the week. Cryptos all ended lower on the week but well off the Putin plunge lows.
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