Following the imposition of new sanctions by the West against Russia, US markets have recovered. In a remarkable market reversal, US stocks closed substantially higher on Thursday, driven by a 3 percent increase in the Nasdaq, as US President Joe Biden issued harsh new sanctions against Russia after Moscow launched an all-out invasion of Ukraine.

The S&P 500 index climbed more than 1 percent, snapping a four-day losing streak fueled by concerns over the deepening situation. The Dow likewise closed the day in the black.

The Dow Jones Industrial Average increased by 92.07 points, or 0.28 percent, to 33,223.83, the S&P 500 increased by 63.2 points, or 1.50 percent, to 4,288.7, and the Nasdaq Composite increased by 436.10 points, or 3.34 percent, to 13,473.59. The Nasdaq was down more than 20 percent from its November closing record high early in the afternoon. It would have proven that it was in a bear market if it had closed at that level.

Biden proposed measures to hamper Russia's ability to do business in the world's major currencies, as well as penalties against banks and state-owned firms, after talking with counterparts from the Group of Seven nations.

The White House has warned that the conflict could result in higher fuel costs in the United States, but US officials are working with counterparts in other nations to release additional oil from global strategic petroleum reserves in a coordinated manner.

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