Stocks up, fear down on Wall Street despite Ukraine invasion

Some relief flowed through Wall Street on Friday, even as deadly attacks continued to rage in Ukraine. Stocks rose, oil fell and investors turned away from gold and other traditional havens they favor when fear is high.

The S&P 500 was 1.3% higher in midday trading, following up on a wild Thursday where the benchmark index careened from a 2.6% loss to a gain of 1.5%. Stocks have swung sharply with uncertainty about how much Russia's invasion will push up inflation, particularly oil and natural gas prices, and drag on the global economy.

Such big swings are likely to continue in the hours and weeks ahead, with so much uncertainty not only about Ukraine but also about interest rates. The Federal Reserve is caught in a delicate dance where it has to raise interest rates enough to rein in high inflation but not so much as to cause a recession.