Stocks Staged a Huge Turnaround. Markets Now Have a Problem.

Markets staged an astonishing turnaround on Thursday, given the circumstances.

The Dow Jones Industrial Average was 850 points lower at one point early in the day, after Russia launched an invasion of Ukraine, but managed to close 92 points up.

The technology-heavy Nasdaq Composite’s comeback was even more remarkable, turning a 3.5% loss,…