US close: Stocks stage turnaround after Biden's fresh sanctions

Wall Street stocks staged a late turnaround to close in the green on Thursday, after US president Joe Biden announced sweeping new sanctions on Russia after the latter staged a bloody invasion of Ukraine overnight.

At the close, the Dow Jones Industrial Average was up 0.28% at 33,223,83, as the S&P 500 added 1.5% to 4,288.70 and the Nasdaq Composite was ahead 3.34% at 13,473.58.

The Dow closed 92.07 points higher on Thursday, reversing earlier losses which came after Russia staged a shocking attack on Ukraine from the east, north and south of the country.

Russia’s assault began in the early hours of Thursday, when explosions were heard in several cities and images of tanks, troops and missile attacks began to emerge.

By the end of the day, Ukrainian president Volodymyr Zelenskyy said 137 of his citizens, both soldiers and civilians, had lost their lives since the invasion began at daybreak.

The United Nations reported that around 100,000 people had fled the capital Kyiv and elsewhere, while reports also emerged that Russia had seized control of the Chernobyl nuclear power complex - the still-highly radioactive site of the world’s worst nuclear disaster in 1986.

NATO vowed to reinforce its presence on Ukraine's eastern front following the invasion, and Biden condemned the attack, stating the world would "hold Russia accountable" for its actions.

"Russia alone is responsible for the death and destruction this attack will bring, and the United States and its allies and partners will respond in a united and decisive way," the US president said.

CMC Markets chief market analyst Michael Hewson said it was "highly unlikely" Russian forces would stop until the whole of Ukraine was annexed, adding that Europe was looking at its worst security and humanitarian crisis since the second World War.

“While the EU and the US have said they will hit back with further sanctions, it is highly unlikely that this will change Putin’s calculus, given that the nuclear option of shutting Russia out of energy markets and SWIFT isn’t yet on the table, due to concerns over the collateral damage it might do to Western economies, with the EU seemingly opposed to such a move.

“While this might be a justifiable concern it doesn’t really compare to what might happen if Russia carries on and threatens the borders of the Baltic States, or Poland, who are NATO allies, who will no doubt require aid to deal with an unfolding humanitarian crisis, as Ukrainian civilians flee westwards.”

On the economic front, first-time jobless claims fell at a faster than expected clip in the week ended 19 February following three consecutive weeks of increases.

According to the Labor Department, 232,000 Americans filed initial jobless claims last week, down from the 248,000 reported a week earlier and slightly better than the expected print of 235,000.

Continuing claims came in at 1.47m, down from 1.59m in the prior week to a new pandemic-era low, while the four-week moving average decreased by 7,250 to 236,250.

Elsewhere, the US economy expanded at a 7% annual pace between October and December, as a second reading of the nation's gross domestic product put GDP on track to rise 5.7% over the full-year - the fastest calendar-year growth seen since a brutal recession hit the nation almost 40 years ago.

Still on data, the Chicago Fed's national activity index increased to 0.69 in January following a revised 0.07 print a month earlier as all four broad categories of indicators used to construct the index made positive contributions.

Finally, new home sales fell 4.5% to 801,000 in January, according to the Census Bureau, as high home prices, rising mortgage rates, cold weather and a surge in Omicron infections weighed on sentiment amongst buyers.

In equities, bank stocks were under pressure, with Bank of America shares down 2.64% and Bank of New York Mellon 1.59% lower by the closing bell.

CBRE Group was off 2.3% after the commercial property firm beat estimates on fourth quarter profit.

On the upside, theme park operator SeaWorld Entertainment was ahead 4.31% after it swung to a big profit beat, as revenues more than doubled.

Dow Jones - Risers

Salesforce.Com Inc. (CRM) $204.31 7.22%
Microsoft Corp. (MSFT) $294.59 5.11%
Intel Corp. (INTC) $46.72 4.64%
Walt Disney Co. (DIS) $149.40 2.42%
Apple Inc. (AAPL) $162.74 1.67%
Home Depot Inc. (HD) $312.96 1.55%
Boeing Co. (BA) $198.43 1.02%
Visa Inc. (V) $217.30 0.63%
Cisco Systems Inc. (CSCO) $54.73 0.53%
Nike Inc. (NKE) $137.17 0.25%

Dow Jones - Fallers

Merck & Co. Inc. (MRK) $73.51 -3.07%
JP Morgan Chase & Co. (JPM) $144.55 -2.78%
Procter & Gamble Co. (PG) $151.76 -2.69%
Travelers Company Inc. (TRV) $166.50 -2.14%
Dow Chemical Co. (DOW) $58.86 -2.08%
Johnson & Johnson (JNJ) $158.14 -1.91%
Coca-Cola Co. (KO) $60.54 -1.75%
Verizon Communications Inc. (VZ) $52.59 -1.54%
McDonald's Corp. (MCD) $245.03 -1.11%
Caterpillar Inc. (CAT) $184.69 -1.06%

S&P 500 - Risers

Fortinet Inc. (FTNT) $316.45 11.23%
Quanta Services Inc. (PWR) $108.83 10.60%
Macy's Inc. (M) $25.15 8.69%
Under Armour Inc. Class A (UAA) $17.10 8.30%
Adobe Systems Inc. (ADBE) $463.82 8.00%
Synopsys Inc. (SNPS) $307.80 7.80%
Iron Mountain Inc (New) (IRM) $45.44 7.55%
Idexx Laboratories Inc. (IDXX) $509.77 7.39%
Under Armour, Inc. (UA) $14.86 7.29%
Salesforce.Com Inc. (CRM) $204.31 7.22%

S&P 500 - Fallers

Booking Holdings Inc. (BKNG) $2,295.00 -7.08%
Flowserve Corp. (FLS) $29.70 -5.95%
NetApp Inc. (NTAP) $79.29 -5.71%
Philip Morris International Inc. (PM) $102.84 -5.34%
Arconic Inc. (ARNC) $30.40 -4.84%
Altria Group Inc. (MO) $49.57 -4.58%
Coterra Energy Inc. (CTRA) $22.24 -4.18%
LyondellBasell Industries (LYB) $94.46 -4.06%
Citigroup Inc. (C) $60.67 -4.03%
Kellogg Co. (K) $63.83 -4.03%

Nasdaq 100 - Risers

Mercadolibre Inc. (MELI) $1,033.59 12.28%
Adobe Systems Inc. (ADBE) $463.82 8.00%
Synopsys Inc. (SNPS) $307.80 7.80%
Idexx Laboratories Inc. (IDXX) $509.77 7.39%
Dish Network Corp. (DISH) $29.46 6.86%
Intuit Inc. (INTU) $497.13 6.45%
Netflix Inc. (NFLX) $390.03 6.14%
Nvidia Corp. (NVDA) $237.48 6.08%
Check Point Software Technologies Ltd. (CHKP) $138.21 5.94%
Cadence Design Systems Inc. (CDNS) $149.04 5.79%

Nasdaq 100 - Fallers

Booking Holdings Inc. (BKNG) $2,295.00 -7.08%
Biomarin Pharmaceutical Inc. (BMRN) $77.35 -6.27%
Vodafone Group Plc ADS (VOD) $17.67 -3.55%
Biogen Inc (BIIB) $203.12 -2.85%
Kraft Heinz Co. (KHC) $38.98 -2.79%
Expedia Group Inc. (EXPE) $193.74 -2.46%
Mondelez International Inc. (MDLZ) $64.65 -2.46%
Seagate Technology Plc (STX) $103.16 -1.59%
Gilead Sciences Inc. (GILD) $60.61 -1.21%
Wynn Resorts Ltd. (WYNN) $86.48 -0.81%