Stocks Recoup Losses, Dollar, Oil Pare Gains As Biden Addresses Russia's Ukraine Invasion

A man wearing a protective mask, amid the coronavirus disease (COVID-19) outbreak, walks past an electronic board displaying Japan's Nikkei index and various countries' stock market index prices outside a brokerage in Tokyo, Japan, February 22, 2022. Reuters / KIM KYUNG-HOON

Stocks pared losses and the U.S. dollar and oil futures pared gains as U.S. President Joe Biden vowed steep sanctions against Russia for its Ukraine invasion and said the United States is working with oil producers to secure global energy supplies.

Biden said that U.S. forces will not fight in Ukraine but that additional forces would be authorized to go to Germany. Sanctions cited involved Russian banks and technology imports.

MSCI's gauge of stocks across the globe was last down 1.18% after earlier touching its lowest level since March 2021. The Dow Jones Industrial Average fell 238.15 points, or 0.72%, to 32,893.61, the S&P 500 gained 13.48 points, or 0.32%, to 4,238.98 and the Nasdaq Composite added 247.52 points, or 1.9%, to 13,285.00.

U.S. crude settled up 0.77% at $92.81 per barrel, but well below its session high of $100.54 and Brent was at $99.10, up 2.3%, compared with its session high of $105.79.

The dollar index was 0.913%, with the euro down 1.01% to $1.1195. Earlier the greenback had risen as much as 1.62% against a basket of major currencies. [=USD]

Russia's rouble also eased losses with the dollar last up 4.7% at 84.967. The rouble had hit a record low of 89.9855 against the dollar late Wednesday.

Benchmark 10-year notes last rose 9/32 in price to yield 1.9477%, from 1.977% late on Wednesday. The 30-year bond last rose 7/32 in price to yield 2.2644%, from 2.275%. The 2-year note last rose 5/32 in price to yield 1.5179%, from 1.6%. [US/]

Spot gold was down 1.1% at $1,887.00 an ounce after earlier rising as high as $1,973.96.