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Russian invasion of Ukraine roils markets

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Updated  February 25, 2022 6:20am EST
Business
FOX 5 NY

Russian invasion of Ukraine leads to wild day on Wall Street

As the Russian invasion of Ukraine escalates, its having major impacts on our economy, from gas prices to the stock market.

The Russian invasion of Ukraine is causing markets across the world to take dramatic turns.

The turbulence comes as we are already seeing record levels of inflation and supply chain issues continuing from the pandemic. 

"We all want to think about markets over time, but on a day like today, we are looking at it from minute to minute from second," said Peter Borish, President of Computer Trading Corporation. Borish is weighing in on stocks and how Americans will be affected by Russia’s invasion of Ukraine. 

Biden announces new sanctions on Russia, says Putin ‘chose this war’

Borish said that people shouldn't panic as numbers shift, but to be smart and thoughtful with how we handle our investments. He suggests not making adjustments based on news or emotion.

"Is inflation going to pick up? Is government spending going to pick up? and what’s monetary policy? Those are the three things one needs to think about before they make any personal portfolio adjustments," said Borish.

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Stocks took wild turns all day on Thursday, both in the U.S. and across the globe. You can also expect to see gas prices rise at the pumps here, as crude oil surged above $100-a-barrel for the first time since 2014.

"At some point, they'll come back down. When exactly that happens and how high they'll go before that happens is a question that is nearly impossible to answer at this point," said AAA Spokesperson Nick Jarmusz.

President Biden says his administration is using every tool at its disposal to try and prevent rising prices at the pump. These surging prices stem from the unease about the possible disruption of Russian supplies since Russia is a major oil producer. Gas prices were already high before this, and economist Desmond Lachman doesn't expect prices to drop any time soon.

You have now the oil price shock coming from Russia, you’ve got grain shock coming from Ukraine. There’s a great deal of geopolitical uncertainty, there’s a great deal of inflation, equity valuations are still very high that the average American should be cautious," said Lachman, who’s a Senior Fellow with American Enterprise Institute.