Oil prices rose and US stocks fell on Friday, local time, as the White House urged Americans to leave Ukraine immediately due to the rising possibility of a Russian invasion.
The markets reacted during a press conference of US National Security Adviser Jake Sullivan, who said that a Russian attack on Ukraine “might happen at any time”, even during the current Winter Olympics in Beijing.
At around 19:15 GMT, the “S&P” index fell 1.5 percent to 4,438.89 points. As for the price of West Texas Intermediate crude, it rose by regarding 4% to reach $93.48 a barrel.
The shares of arms production companies also rose, including Lockheed Martin and Northrop Grumman, whose shares rose by 2.8 percent and 4.1 percent, respectively.
Investors’ fears of an imminent Russian invasion of Ukraine had eased in recent days following Western diplomatic efforts with Russian President Vladimir Putin, said Art Hogan, chief strategist at National Securities.
However, Friday’s change of tone in the Biden administration’s speech prompted a sell-off before markets closed over the weekend.
(AFP)
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