• About
  • Privacy Policy
  • Terms
  • Contact
Saturday, February 4, 2023
Social icon element need JNews Essential plugin to be activated.
Financial Eye News
  • Home
  • Markets
    • Stock Market News
    • Commodities
    • Forex
    • Renewables
  • Cryptocurrency
    • Ultimate Guide to Crypto
  • Business
    • News
    • Companies
    • Technology
    • Climate
    • Politics
  • VideosNew
  • Ultimate Guide to Crypto
No Result
View All Result
  • Home
  • Markets
    • Stock Market News
    • Commodities
    • Forex
    • Renewables
  • Cryptocurrency
    • Ultimate Guide to Crypto
  • Business
    • News
    • Companies
    • Technology
    • Climate
    • Politics
  • VideosNew
  • Ultimate Guide to Crypto
No Result
View All Result
Financial Eye News
No Result
View All Result

Wall Street stocks, oil prices rise after aggressive Fed hike outlook

March 19, 2022
in Latest Financial News
Reading Time: 4 mins read
  • Investors assess aggressive Fed outlook
  • Treasury yield curve steepens
  • Wall Street indexes climb
  • Oil prices jumps 8%
  • Gold up for second straight session

NEW YORK, March 17 (Reuters) – Wall Street stocks rebounded from early session losses on Thursday as investors weighed economic implications of the Federal Reserve’s surprisingly aggressive interest rate stance, while oil prices surged on supply shortage concerns arising from the Russia-Ukraine conflict.

The Fed announced a quarter of a percentage point increase to near-zero interest rates on Wednesday, its first hike in nearly three years as it sought to combat soaring prices. The U.S. central bank also projected six more similarly sized rate hikes this year, sparking worries among traders about the effect on economic growth.

U.S. Treasury yields held just below three-year highs on Thursday and the closely-watched yield curve steepened, after earlier sitting at its flattest level in more than two years.

Benchmark 10- and 2-year yields , were last at 2.1653% and 1.969%, respectively.

“The big surprise yesterday was the dot plot,” said Thomas Hayes, chairman at Great Hill Capital in New York, referring to the Fed’s interest rate projections. read more

“It was a dovish hike but a hawkish rhetoric and outlook. We believe that if they get anywhere near their projections they’d invert the yield curve and cause a guaranteed recession.”

On Wall Street, the three main indexes reversed early losses, driven by the healthcare, consumer discretionary, technology, and financial sectors.

The Dow Jones Industrial Average (.DJI) rose 1.23%, to 34,480.76, the S&P 500 (.SPX) gained 1.23% to 4,411.67 and the Nasdaq Composite (.IXIC) added 1.33% to 13,614.78.

“We had a relief rally yesterday and the market is digesting that today, consolidating a little bit and trying to get comfort with the reality versus expectations in terms of what the Fed is projecting,” Hayes added.

European stocks also gained in choppy trading following the Fed rate hike and a similar move by the Bank of England. read more

The pan-European STOXX 600 index (.STOXX) rose 0.45%, while MSCI’s gauge of stocks across the globe (.MIWD00000PUS) gained 1.77%.

Oil prices rose more than 8%, continuing a series of wild daily swings, as the market rebounded from several days of losses on renewed focus on supply shortages in coming weeks due to sanctions on Russia. read more

Benchmark Brent crude futures settled 8.79% higher at $106.64 a barrel, its highest percentage gain since mid-2020.

U.S. West Texas Intermediate (WTI) crude rose 8.35% to $102.98 a barrel.

The dollar index , which measures the greenback’s strength against six trading currencies, was last down 0.47% at 98.026.

Gold rose 1% as the U.S. dollar and Treasury yields retreated. Spot gold added 0.7% to $1,942.04 an ounce, while U.S. gold futures gained 1.62% to $1,939.00 an ounce.

Reporting by Chibuike Oguh in New York; Editing by Kirsten Donovan and Aurora Ellis

Our Standards: The Thomson Reuters Trust Principles.

Source: Reuters

Tags: AMERSASEANASIAASXPACAUAUNZBOECDMCDTYCEEUCENCHCNCOMCRUDBTDEEASIAECOECONEMRGENGENRESEUEUROPEZCFINFRFRXGBGENGOLGVDHKINFLINTINTAGITJPKRMCEMETLMKTREPMPLTNAMERNEWS1NORDNRGPLCYPOLPREMTLREPSCANDVSEASIASEEUSGSTXTOPCMBTOPNWSTWUKUSWEU

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Social icon element need JNews Essential plugin to be activated.

Recent News

  • Taylor Swift Fans Sue Ticketmaster’s Parent Company
  • Fisker trades down following price cut at Citi By Financial Eye
  • UAW president faces run-off election as reformers make gains

Sections

  • Business
  • Climate
  • Commodities
  • Companies
  • Cryptocurrency
  • Cryptocurrency
  • Forex
  • Green Energy
  • Latest Financial News
  • News
  • Politics
  • Stock Market News
  • Technology
  • Videos

© 2022 Financial Eye News Media

No Result
View All Result
  • Home
  • Markets
    • Stock Market News
    • Commodities
    • Forex
    • Renewables
  • Cryptocurrency
    • Ultimate Guide to Crypto
  • Business
    • News
    • Companies
    • Technology
    • Climate
    • Politics
  • VideosNew

© 2022 Financial Eye News Media

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.