And now stocks are flying higher.
Near 12:15 pm ET, the Dow was up 168 points, the S&P 500 was up 16 points, and the Nasdaq was up 21 points.
Earlier, stocks staged a huge rally off their lows, with the Dow adding as much as 235 points at one point.
The huge reversal came after the indexes opened in the red amid turbulence in global markets sparked by the collapse in the Russian ruble.
Here’s a super-quick overview of all the crazy things that are happening in markets right now.
- The Russian ruble is collapsing. The ruble fell to as low as 78 against the US dollar and 100 against the euro. This collapse comes after the Russian central bank on Monday night unexpectedly raised interest rates to 17% from 10.5%.
- US stocks are now higher as turmoil hits global markets. Shortly after the market open, stocks were in the red, but through the morning pared losses and exploded higher. Near 11:30 am ET, the Dow was up 235 points, the S&P 500 was up 25 points, and the Nasdaq was up 36 points.
- Bond yields collapsed. The US 10-year yield fell to as low as 2.01%, while the German 10-year bund fell below 0.6%. Near 11:15 am ET, the US 10-year had pulled back some of its gains, trading near 2.08%.
- Oil is bouncing. West Texas Intermediate crude oil was making new lows, trading below $US54 a barrel earlier this morning, but has bounced back to around $US56 a barrel. Brent crude oil also cracked the $US60-a-barrel market and traded below $US59. Both oil benchmarks are down more than 3%.
- The dollar is getting whacked. The dollar was falling against the euro, the British pound, and, most notably, the Japanese yen. The dollar was trading at about 116 against the yen after trading as high as 121 last week. But as has happened with most dramatic moves from this morning, the dollar has pared some of these losses.
- The Norwegian krone is getting annihilated. The Norwegian krone was getting whacked Tuesday, falling to below 7.5 against the dollar and reaching parity — or equal value — with the Swedish krona for the first time since 2000.
- Gold is tumbling. Near 11:15 am ET, the price of gold was down below $US1,190, about $US30 an ounce lower than where it was earlier today.
This post will be updated as the market story changes throughout the day.
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