JPMorgan Goes From Sell to Buy and Back on Russia

Just a month after lifting its call on Russia stocks to buy, JPMorgan Chase & Co. reversed course, telling investors to sell as the market plunged after the U.S. imposed more sanctions and an attack on a civilian jet deepened tensions in Ukraine.

The flip-flop highlights how volatile markets have become in a country that’s been mired in a conflict in neighboring Ukraine for months. The Russian Market Volatility Index, which reflects traders’ projections for future price swings in equities, jumped 9.9 percent last week to the highest since May 12 as the benchmark Micex index sank to a seven-week low.