By Blake Haas

BLOOMINGTON – Just like the commodity market, equities across the board are on a roller coaster ride amid Russia’s invasion of Ukraine.

Earlier this week, President Biden announced the U.S. would no longer purchase Russian oil to serve as an economic strike against the Putin regime.

Throughout the week, investors on Wall Street responded in bullish and bearish ways, marking ups and downs for investors on the main street.

“I think it’s still somewhat premature to say that ‘hey, we’re definitely headed for some type of a period of economic downturn.’ Right now, things aren’t great, and just like we’ve seen in markets, economies change so quickly like stock markets do, but they do respond to things,” said Chris Ruedi, a Financial Advisor with Savant Wealth Management.

According to Ruedi, a hawkish approach from the Federal Reserve raising interest rates by .25% could help the market by month’s end.

“I think with the steps the Feds (Federal Reserve) are planning to take in raising interest rates up kind of at their pace, where they think they can balance making the economy stronger without really chilling or cooling off the markets to a great degree they are going to do that, and I think that helps long-term economic growth.”

Locally, Rivian Automotive (RIVN) hit a new 52-week low on Thursday, marking a 60% loss on the companies stock year to date.

Blake Haas can be reached at [email protected].