Market Pulse: Dow industrials edge higher, a day after logging first correction in 2 years, and Nasdaq deepens bear-market slump
U.S. stock benchmarks traded mixed Tuesday morning as President Joe Biden decided to ban Russian oil imports, according to reports, as he seeks to ratchet up pressure on Moscow in retaliation for its unprovoked invasion of Ukraine, now in its 13th day.
The president is scheduled to hold a 10:45 a.m. ET news conference to discuss the U.S.’s plans against Russian hostilities in Eastern Europe.
The Dow Jones Industrial Average
rose 42 points, or 0.1%, to 32,855.
The S&P 500 index
traded up 3 points, or less than 0.1%, at around 4,205.
The Nasdaq Composite Index
receded less than 0.1% to 12,824, after the technology-laden index closed in bear-market territory on Monday.
The 10-year Treasury note
yields 1.86%, up 11 basis points on the session, compared with 3 p.m. Eastern time levels.
Bloomberg reported that the energy ban will include Russian oil, liquefied natural gas and coal. The decision was made in consultation with European allies, who rely more heavily than the U.S. on Russian energy, Bloomberg reported.
futures were up 4.8% and the international benchmark, Brent crude
also was trading around 4.6% higher.
Concerns about the clashes between Russia and Ukraine and the sanctions against the Kremlin are driving up values of the commodity complex and elevating inflation fears.