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The S&P 500, in the meantime, rallied late in the day, flipping a steep morning decline to a 1.5% rise. We don’t love reading into short-term gyrations, but it’s noteworthy that shares turned up as the world got clarity on the Western response. As expected, Western leaders employed sanctions and stressed they would beef up defenses in NATO nations, an effort to discourage violence spilling past Ukraine. As we wrote earlier this week, uncertainty is the first inventory market unfavorable where geopolitical conflict is anxious.

The Doubtless Market Implications Of Putins Latest Ukraine Gambit

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