“If you think about where we could have been if Western governments had disallowed the use of frozen funds for coupon payments on Russian sovereign bonds, we would be sitting on a default of a world economy,” said Jamie Cox, managing partner at Harris Financial Group in Virginia.
European stocks closed higher as peace talks to end the Russia-Ukraine conflict continued amid heavy fighting.Wall Street’s three major indexes closed higher, boosted by recently battered technology stocks, after talks betweenover the Ukraine crisis ended without big surprises. “We’re in the middle of a relief rally after such a deep sell-off in tech in advance of the likely path of rates by the Fed. Now that they’ve basically removed all the uncertainty about rates, tech stocks can reprice,” Cox added.
US Treasury yields long-term edged down early as lack of a resolution of the Russia-Ukraine conflict weighed, while short-term yields increased, further flattening the curve.
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