Nasdaq, S&P 500 gain, hit session highs after Biden comments on Russia

The Dow Jones Industrial Average fell 282.93 points, or 0.85%, to 32,848.83

The Nasdaq and S&P 500 advanced in volatile afternoon trading on Thursday, with the Nasdaq up nearly 2% after US President Joe Biden unveiled harsh new sanctions against Russia after Moscow launched an all-out invasion of Ukraine.

He is imposing measures to impede Russia's ability to do business in the world's major currencies, along with sanctions against banks and state-owned enterprises.

Indexes were already coming off their lows of the session before Biden's comments. News of Russia's invasion of Ukraine had sparked a selloff at the open. The information technology sector gave the S&P 500 its biggest boost in a reversal of