After President Joe Biden announced a ban on Russian oil imports on Tuesday, the U.S. Stock Market closed the day with losses, giving up earlier gains. The Dow Jones Industrial Average fell 184.74 points after having risen more than 585 points earlier in the session, while the S&P 500 dropped 0.72% as both indexes fell deeper into correction territory. The Nasdaq Composite fell further into bear market territory, sliding to 0.28%.

Markets turned around as investors weighed Biden’s announcement prohibiting all U.S. sales and imports of Russian oil to hold Moscow accountable for an “unprovoked and unjustified war on Ukraine.” The national average for U.S. gas prices also rose to $4.17 per gallon, exceeding the prior record of $4.11 from July 2008 which was not adjusted for inflation. Rising oil prices brought on by the conflict as well as broad increases in commodities amid rising inflation caused concern of a recession among investors.

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