SIOUX FALLS, S.D. (KELO) — From gas prices to your 401-K… a lot of people are wondering how Russia’s invasion of Ukraine will impact their personal finances.

“I would say that in terms of real economic damage, the U.S. is pretty insulated from the Russian economy,” Dr. Steven Usitalo, history professor and board member at NSU, said.

Russia’s invasion into Ukraine sent the stock market on a wild swing.

“Stock prices represent traders beliefs about the future profits of the companies trade in the stock market, if stock prices go down that means the traders on average think that some profits will be lost in the future,” George Loginov, visiting professor of economics at Augustana University, said.

These dips are most likely short term reactions.

“Investors are afraid of uncertainty so the market will decline, but we’re not going to enter a very long term decline of the stock market, it’s going to be short term affects, and these things tend to bounce back rather quickly,” Usitalo said.

There are also concerns with sanctions increasing oil and gas prices in the US.

“It will have an affect on travel, because airline prices, it’ll have an affect on travel internally, but most people think that will decline, it’s going to be a short term spike, because people are worried and then it will start to decline,” Usitalo said.

“If things resolve faster than expected, if the damage will be less than expected, then the market will bounce back quickly,” Loginov said.

We’re probably not going back to $2.50 a gallon but it will probably stabilize after this first shock of this invasion,” Usitalo said.

Stocks in Europe fell sharply, while stocks in the U.S. recovered from early losses.