After the outbreak of the conflict between Russia and Ukraine, the markets trembled and then fell wildly.
The current situation threatens to push up inflation, further compressing the global economy.
Shares initially fell on Thursday. Prices also jumped for wheat, oil and other commodities.
It comes as the world fears the conflict could disrupt global supplies.
Also read: For ‘premeditated’ conflict in Ukraine, US and UK hit Russia with new sanctions
But as the day progressed, things started to look up.
The S&P 500 plunged 2.6% on Wall Street in early trading. Soon it recovered the decline and returned to a 1.5% gain.
In Europe, the heaviest losses were in equities. The German DAX also fell 4%.
The dispute was also aimed at pushing prices even higher at gas pumps and grocery stores around the world.
On both sides of the Atlantic, oil prices briefly rose above USD 100 a barrel to reach their highest levels since 2014. But they quickly fell and the price of oil in the United States stabilized at $92.81.
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For natural gas, the spot price in Europe also jumped by more than 50%.
The FTSE 100 in London fell 3.9% while Russian indices plunged by a third or more after the Moscow exchange briefly suspended trading in all its markets on Thursday morning.
In Paris, the CAC 40 lost 3.8% and Asian markets also fell by nearly 2% or more.
(With agency contributions)