How the Stock Market Responds to War

Wars are associated with increased volatility, but often rising prices as well

Stephen Foerster
6 min readMar 17, 2022

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Images of a tank and a stock chart
Photos by Kevin Schmid on Unsplash and olieman.eth on Unsplash

The war in Ukraine is causing a devastating human toll, in terms of lost lives including heavy civilian casualties, and the displacement of millions. Much has been written about courage and leadership, the humanitarian crisis, and geopolitical implications. A…

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Stephen Foerster

I’m a Finance prof, CFA, and author of In Pursuit of the Perfect Portfolio (with Andrew Lo). I write stories about investing. (I don’t give financial advice.)