Dow jumps 600 points, oil slides to $96 off 27% from peak

Fed kicks off 2-day meeting as Russia-Ukraine war continues

U.S. stocks picked up momentum in the final hour of trading as crude prices retreated and investors eye the ongoing conflict between Russia and Ukraine. 

RUSSIA INVADES UKRAINE: LIVE UPDATES

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 39807.37 +47.29 +0.12%
SP500 S&P 500 5254.35 +5.86 +0.11%
I:COMP NASDAQ COMPOSITE INDEX 16379.458265 -20.06 -0.12%

The Dow Jones Industrial Average gained 600 points or 1.8% while the S&P 500 rose 2% and the Nasdaq Composite 3%.  

DEMS PUSH PLAN TO TAX OIL COMPANIES' PROFITS, SEND CHECKS TO AMERICANS DURING RUSSIA-UKRAINE PRICE SPIKE

Crude's slide continued Tuesday with U.S. oil hitting $96.44 per barrel, now off 27% from the peak $130 hit last week. Brent, the global benchmark fell to $99.91 as fears rise around China's new COVID-19 outbreak. Gold also retreated to $1,928.50.

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 78.72 +1.18 +1.52%
BNO UNITED STS BRENT OIL FD LP UNIT 31.90 +0.43 +1.37%
GLD SPDR GOLD SHARES TRUST - EUR ACC 205.72 +2.63 +1.29%

FEDERAL RESERVE EXPECTED TO HIKE INTEREST RATES THIS WEEK, DESPITE UKRAINE VOLATILITY

Gas prices remained at the $4.31 level, per AAA. 

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The Federal Reserve kicked off its two-day meeting and policymakers are widely expected to raise interest rates Wednesday at least 0.25%, putting big banks in a position to charge more for loans. 

Ticker Security Last Change Change %
JPM JPMORGAN CHASE & CO. 200.31 +0.79 +0.40%
WFC WELLS FARGO & CO. 57.96 +0.35 +0.61%
C CITIGROUP INC. 63.24 +0.49 +0.78%

In stocks, vaccine makers are in focus as investors monitor China and the latest COVID surge. 

Ticker Security Last Change Change %
MRNA MODERNA INC. 106.56 -4.03 -3.64%
PFE PFIZER INC. 27.73 -0.04 -0.14%
BNTX BIONTECH SE 92.25 -0.72 -0.77%
Associated Press

U.S. stocks are wavering between positive and negative territory early Tuesday morning. (Allie Joseph/New York Stock Exchange via AP)

Oil's pullback gave airlines a boost. Separately, Southwest, in a filing with the Securities and Exchange Commission, disclosed it hedges fuel and is managing the recent spike. 

Ticker Security Last Change Change %
DAL DELTA AIR LINES INC. 47.85 +0.55 +1.15%
UAL UNITED AIRLINES HOLDINGS INC. 47.88 +0.64 +1.35%
AAL AMERICAN AIRLINES GROUP INC. 15.35 +0.05 +0.33%
LUV SOUTHWEST AIRLINES CO. 29.17 -0.08 -0.27%

In deal news, Big Lots surged after Mill Road Capital increased its take in the company and is pushing for a sale. 

Ticker Security Last Change Change %
BIG BIG LOTS INC. 4.33 +0.21 +5.10%

In cryptocurrencies, Bitcoin hovered at the $39,000 mark despite the jump in equities. 

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The Associated Press contributed to this report.