Stocks, worldwide financial markets open low, close high in response to Russian invasion

U.S. oil prices shot up more than $7 per barrel as European markets grapple with a possible natural gas shortage

Published: February 24, 2022 9:10am

Updated: February 24, 2022 4:43pm

Stock prices dropped sharply as financial markets opened Thursday, but shot back up higher than the previous days' close as Russia's invasion of Ukraine unfolded throughout the day.

While stocks have decreased over the last week, Thursday's low opening was met with a higher close.

The Dow Jones Industrial Average fell 810 points, or 2.4%, in early trading, according to CNBC. The Dow closed Thursday with an increase of 0.3%, or about 92 points, according to Google Finance.

The Nasdaq composite closed Wednesday at 13,037, opened Thursday morning down nearly 900 points and shot up 3.34% by close, the highest it has been since Feb. 22, per Google Finance.

The decline in stock prices was in combination with a sharp increase in global energy prices, with oil prices going up by more than $7 a barrel.

Weeks and months of concern of inflation had already cost investors in global equity markets.

On Thursday morning, the S&P 500 was down 2.5%, with the index now nearly 14% below its Jan. 3 record close, CNBC also reports. By close Thursday, the S&P 500 had increased 1.5% by 63 points.

In Europe, the spot price for natural gas, for which the continent largely relies on Russia, increased by more than 30%, also according to the news outlet.