- The Russian ruble fell 1.9% today after emotions flew off the handle in the Oval Office in a meeting with President Donald Trump and Ukrainian President Volodymyr Zelensky. The two leaders met to discuss a mineral rights deal that could help bring an end to Russia’s war on Ukraine. During the fiery meeting, stock indexes quickly fell before rallying to end the day positive.
The Russian ruble fell nearly 2% against the U.S. dollar Friday while stock indexes rebounded after selling off during a diplomatic meltdown.
Ukrainian President Volodymyr Zelensky left the White House after a fiery argument with President Donald Trump and Vice President JD Vance.
The leaders met in hopes to strike a mineral rights deal, which could help bring an end to Russia’s war on Ukraine. During the meeting tempers flared after Vance said that Zelensky was being “disrespectful” and should thank the U.S. rather than lecturing the American leaders.
“You either make a deal or we’re out,” Trump said to Zelensky. “You’re gambling with World War III.”
Ultimately, Trump asked the Ukrainian President to leave the White House. He later took to Truth Social to say that Zelensky “can come back when he is ready for peace.”
An end to the war could result in lifting sanctions against Russia, allowing oil and gas exports to flow more freely to global markets and international capital to return.
Ruble has already soared more than 20% since the start of this year as investors anticipated Trump’s return to the White House would hasten a peace deal. On Friday, it closed at 89.37 to the greenback.
Meanwhile, markets brushed off the Trump-Zelensky verbal altercation. After briefly selling off intraday, the Dow Jones Industrial Average, the S&P 500, and the Nasdaq closed up 1.39%, 1.59%, and 1.63%, respectively.
Aiding the rally was the Federal Reserve’s preferred inflation gauge, which rose 2.5% in January from a year ago, marginally lower than the 2.6% annual gain in December.
While inflation reading remains above the central bank’s 2% target, continued cooling should allow the Fed to further lower interest rates later this year.
Despite Friday’s solid gains, stocks have been slumping in recent weeks as Trump doubled down on tariffs, raising concerns about the economy.
The Nasdaq slid 3.5% this week, contributing to a total 4% loss in February, its worst month since April 2024. The S&P 500 fell about 1% this week and 1.4% on the month. The Dow also rose 1% this week, but lost 1.6% in February.
