Wall Street advance as investors weigh latest on Russia-Ukraine

26 Feb 2022 , 12:38 PM

The Dow Jones Industrial Average added 834.92 points, or 2.5%, closing at 34,058.75. The S&P 500 gained 2.2% at 4,384.65. The Nasdaq Composite rose 1.6% to 13,694.62.

Market sentiment got a boost Friday after the Kremlin reportedly said that Russian President Vladimir Putin is ready to send a delegation to Belarusian capital Minsk for negotiations with Ukraine.

Meanwhile, the U.S. will reportedly impose a slate of sanctions on Putin and Foreign Minister Sergey Lavrov, the White House said Friday. The move follows similar sanctions announced by the United Kingdom and the European Union.

President Joe Biden this week rolled out new sanctions against Russias largest banks and its sovereign debt in a broad effort to isolate Moscow from the global economy.

On the data front, the Commerce Department said on Friday consumer spending, which accounts for more than two-thirds of U.S. economic activity, surged 2.1% last month after falling 0.8% in December.

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