Russian markets tank while US markets say “What’s the big deal?”

S&P closed up 1.5% and NASDAQ was up 3.3% (OK, OK, they were down 2.6% and 3.4% earlier in the day).

The dollar index rose 0.8% as market stress drove up demand for the reserve currency.

Meanwhile celebrating Putin’s antics, the Moex index briefly fell 45% before recovering to close 33 % lower.

The Rouble fell to almost 90 to the dollar before recovering to 85.2.

Dealers were pricing Russian 10-year bonds with yields as high as 15% — up from less than 11% on Tuesday. (Wednesday was a public holiday)

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