The stock market finished higher on Thursday, reversing steep declines from earlier in the day—with the Nasdaq briefly falling into a bear market—after Russian troops invaded Ukraine, a move which caused oil prices to rise to over $100 per barrel for the first time since 2014.
Despite a steep decline at the open, stocks rebounded later in the day: The Dow Jones Industrial Average was up 0.3%, nearly 100 points, while the S&P 500 jumped 1.5% and the tech-heavy Nasdaq Composite 3.3%.
All three major indexes started the day down more than 2%, while the Nasdaq briefly opened in bear market territory—more than 20% below its record high last November—before reversing losses.
Stock market futures took a nosedive overnight after Russian President Vladimir Putin ordered a “special military operation” in Ukraine, with several media outlets reporting explosions across Ukraine immediately after.
Ukrainian officials confirmed that Russia has launched a “full-scale attack from multiple directions,” and at least 40 Ukrainian soldiers and 10 civilians have been killed in the first hours of the Russian invasion.
Western leaders, who have already begun unleashing sanctions on Russia, widely condemned the invasion: President Joe Biden said in a statement that “the world will hold Russia accountable.”
Oil prices jumped in response to Russia’s attack on Ukraine, with Brent crude at one point on Thursday jumping above $100 per barrel for the first time since 2014.