The Dow Jones index ends the week on a major note amid Russia’s agreement to hold talks with Ukrainian representatives in Minsk. Despite the fact that the Ukrainian side changed Minsk to Warsaw and then “went silent” altogether, the very intention calmed the market.
America’s main benchmark for manufacturing added more than 800 points, or 2.5%, showing the best trading since late 2020. The S&P 500 broad market index is up 2.24%. The Nasdaq, the main technology index, was up 1.64%.
All components of the Dow Jones Industrial Average closed on the plus side of the trading session. Johnson&Johnson (JNJ) +4.97%, 3M Company (MMM) +4.739%, UnitedHealth (UNH) + 4.356%.
In the S&P 500, Etsy (ETSY) rules the ball +16.21%, after positive results for the fourth fiscal quarter and an upgrade to “neutral” from Swiss UBS with a target of $180.
The Russian market also recouped some of its losses on the final trading day of the week. The Moscow Interbank Currency Exchange Index (IMOEX) soared 20% on the main session. RTSI index was up 26%. The USD exchange rate is slightly below 84 rubles per American at the weekend. The European currency is at 94.57.
Despite the fact that Russian assets are traded at unprecedented low multiples relative to the companies’ cash flows, it is unrealistic to make any forecasts. It remains to wait for the tension in the Ukrainian conflict to decrease.
Gazprom, meanwhile, is increasing gas supplies to Europe. The increase in reservation limits instantly influenced the quotations of blue fuel on the stock exchange. The cost of 1000 cubic meters according to the index of the Dutch TTF has decreased to $1069.
Just on Thursday, February 24, an exacerbation of the gas conflict by a ban on certification of the Nord Stream 2 project lifted the quotation of natural gas to $1650 per 1000 cubic meters.
Oil quotes took a well-deserved breather. After a three-month rally and reaching psychological levels of $100/bbl, this is quite natural. North Sea Brent goes into the weekend at $98.57. West Texas Intermediate at $91.94.
New York Stock Exchange. Photo: CNBC
