The Nasdaq and S&P 500 ended sharply higher on February 24 in a dramatic reversal of declines at the start of the session.
The U.S. indices all opened lower in New York, following a global trend that also saw the ruble fall to a record low against the dollar and oil rise to more than $100 a barrel.
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But after an initial selloff in response to Russia’s launch of a full-scale invasion of Ukraine, Wall Street turned its losses around. According to preliminary data, the S&P 500 gained 62.62 points, or 1.5 percent and the Nasdaq gained 435.97 points, or 3.27 percent.
The Dow Jones Industrial Average rose a more modest 86.95 points, or 0.26 percent.
The three leading indices began their correction as U.S. President Joe Biden unveiled harsh new sanctions against Russia and hit session highs in the wake of Biden's comments.
After consulting his counterparts from the Group of Seven nations, Biden announced measures to impede Russia's ability to do business in the world's major currencies along with sanctions against banks and state-owned enterprises.
The morning selloff pulled the indices down by as much as 2 percent following markets in Europe and Asia, which had declined as much as 5 percent earlier on February 24.
Oil prices topped $100 a barrel for the first time in seven years, while the ruble plunged to a record low after chaotic moves on Russia's markets.
The Russian currency weakened nearly 7 percent to 86.98 per dollar. The Moscow stock exchange was forced to suspend trading after a record 40 percent drop, Reuters reported.