US stocks notch best day since June 2020 as oil drops and investors hope for Ukraine-Russia compromise

• US stocks on Wednesday notched their best session in nearly two years.
• Stocks soared as Ukraine's president told German newspaper Bild he's open to compromise with Russia.

Stocks soared Wednesday, logging their best session in nearly two years after the president of Ukraine indicated he's open to discussing a compromise with Russia following the invasion of his country two weeks ago.

The Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite closed higher for the first time in four trading sessions in the best session for Wall Street since June 2020. A sharp decline in oil prices helped ignite investors' appetite for risk. Oil futures tumbled from 2008 highs after the release of an exclusive interview by German newspaper Bild with Ukraine President Volodymyr Zelenskyy.

"The question here is not what I can give. In every negotiation, my goal is to end the war with Russia. And I'm also ready to take certain steps," Zelenskyy said, according to a German-language translation. "Compromises can be made, but they must not be a betrayal of my country.

Here's where US indexes stood at 4:00 p.m. on Wednesday:

• S&P 500: 4,277.86, up 2.57%
• Dow Jones Industrial Average: 33,285.65, up 2% (653.01 points)
• Nasdaq Composite: 13,255.55, down 3.59%

West Texas Intermediate crude fell 12% to $108.96 per barrel and Brent crude, the international benchmark, settled 13% lower at $111.14.

With inflationary pressures a source of worry, the S&P 500's consumer discretionary sector has lost about 21% this year, the worst-performing on the broad-market index. The energy sector has gained about 36%, making it the best-performing group. The next US consumer inflation report is due Thursday, with pre-war annual prices anticipated to hit 8%.

Fitch Ratings is anticipating an "imminent" Russian default, it said as it cut the country's credit rating for the second time in seven days. Meanwhile, the Russian ruble tumbled after Moscow's exchange reopened it for trading.

Bitcoin rose above $40,000 as US Treasury Secretary Janet Yellen accidentally revealed details of President Biden's executive crypto order. Biden's order has six priorities for setting national oversight policy of the nearly $2 trillion crypto market.

Gold futures gave up 2.2% to trade at $1,998.10 per ounce. The 10-year yield rose 8 basis points to 1.936%.