Wall Street recovers from a 3 week losing streak
as Stocks increase and oil fluctuates
Indexes up: Dow 0.17%, S&P 0.21%, Nasdaq 0.34%
On Wednesday, September 7, 2022, U.S. stocks surged higher as Wall Street tried to recover from a three-week equity market sell-off.
The Dow Jones Industrial Average increased by about 0.8%, while the S&P 500 and Nasdaq Composite both increased by 0.9%.
The price of West Texas Intermediate crude oil dropped by almost 4% to as low as $2.93 per barrel, the lowest level since January 24. To $89.59 per barrel, Brent futures saw a 3.5% decline.
Of the 11 significant S&P sectors, nine were trading higher. The energy index (.SPNY) decreased 2.2% as oil prices fell nearly 4% due to demand concerns associated with potential recession risks.
Bitcoin (BTC-USD) fell below $19,000 on the cryptocurrency markets, testing a new low for the year. Two new 52-week highs and 15 new lows were registered by the S&P index.
After cutting its full-year forecast after Tuesday's closing bell, shares of Newell Brands (NWL), company that makes Sharpie markers, Elmer's glue, & Yankee Candles, recovered nearly 5% of their loss.
However, markets are now pricing in an 86% chance of a 0.75 percentage point increase. Previously, markets had been hoping that the Fed would start giving out smaller increases beginning in September.
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