Stocks Rise, Oil Close to $110 a Barrel, Ford Jumps

US stocks Move higher before the opening bell with all three major averages making gains.

Russia invades Ukraine: live updates

oil prices The price of a barrel rose by more than $5 to approach $110 as Russian forces escalated their attacks on Ukrainian cities.

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USO United States Petroleum Fund LP 71.82 +4.34 + 6.43%
BNO United STS BRENT OIL FD LP UNIT 29.37 +2.21 + 8.14%

Oil prices rose despite the US and other key governments at the International Energy Agency agreeing to free up 60 million barrels of strategic reserves to stabilize supply on Tuesday.

EXXONMOBIL Russia halts oil production, halts new investments there amid war with Ukraine

In stock news, Ford CEO Jim Farley announced that he was splitting two of the automaker’s main units into separate businesses. “Ford Blue and Ford Model e will operate as distinct companies, but will share related technology and best practices to take advantage of scale and drive operational improvements; alongside Ford Pro,” the company announced, another step in Farley’s transformation.

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F Ford Motor Company. 16.70 -0.86 -4.90%

In earnings news, SoFi shares jumped after reporting a better-than-expected quarter and raising its forecast for 2022.

tape protection the last they change they change %
Sufi SOFI Techniques 11.20 -0.25 -2.18%

SalesForce also acquired a Dow member after boosting its 2022 forecast and now expects to earn up to $32 billion.

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CR SALESFORCE.COM INC. 208.89 -1.64 -0.78%

Intel also became the focus after President Biden announced during his State of the Union speech that the chip maker could increase his $20 billion investment in its Ohio plant to $100 billion as CEO Pat Gelsinger got a shout-out.

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INTC Intel Corp. 46.82 -0.88 -1.84%

Elsewhere, companies continue to cut ties with Russia, and late on Tuesday, Apple said it had stopped selling iPhones and other popular products there. BP and Shell withdraw from investments in the Russian oil industry. Boeing also said it had suspended major operations in Moscow and temporarily closed its office in Kyiv. In addition, it stopped the supply of spare parts, maintenance and technical support services to Russian airlines.

tape protection the last they change they change %
AAPL Apple company 163.20 -1.92 -1.16%
shill Shell PLC 51.77 -0.62 -1.18%
BP BP PLC 28.49 -0.72 -2.46%
Bachelor’s Boeing Company 194.91 -10.43 -5.08%

The Russia-Ukraine war is adding to concerns about global economic growth in the face of plans by the Federal Reserve and other central banks to fight rising inflation by raising interest rates. Investors are waiting for more clues about a possible interest rate hike when Federal Reserve Chairman Jerome Powell Speaking Wednesday in front of Congress.

AP Photo / Jacquelyn Martin, File (AP Photo/Jacquelyn Martin, File)

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Traders will get their first business-related report this week. Payroll processing company ADP released its National Employment Report for February. Economists are looking for a gain of 388,000 jobs in the private sector, a reversal of January’s sudden loss of 301,000 jobs.

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Bitcoin is trading above $43,000.

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Ken Martin and The Associated Press of FOX Business contributed to this report.

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