• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
  • Contact
  • About
Sunday, July 3, 2022
Maryland Digital News
  • Home
  • US
  • Business
  • World
  • Baltimore
  • Columbia
  • Germantown
  • Waldorf
  • Silver Spring
  • Frederick
  • Press Releases
  • Videos
No Result
View All Result
  • Home
  • US
  • Business
  • World
  • Baltimore
  • Columbia
  • Germantown
  • Waldorf
  • Silver Spring
  • Frederick
  • Press Releases
  • Videos
No Result
View All Result
No Result
View All Result
Home Business

Stocks Gain Ground On Wall Street; Oil Prices Ease Lower

by NewsReporter
March 23, 2022
in Business
Reading Time: 3 mins read
stocks-gain-ground-on-wall-street;-oil-prices-ease-lower
Share on FacebookShare on Twitter

Technology companies led a rally for stocks Tuesday on Wall Street, as the market more than made up for a modest pullback to start the week.

The Standard & Poor’s 500 index rose 1.1%, with more than 70% of stocks in the benchmark index notching gains. The Dow Jones industrial average rose 0.7% and the tech-heavy Nasdaq composite climbed 2%.

Bond yields rose sharply for the second day in a row, reflecting expectations of more aggressive interest rate hikes by the Federal Reserve as the central bank moves to squelch the highest inflation in decades. The yield on the 10-year Treasury climbed to 2.38% from 2.30% late Monday. The yield, which influences interest rates on mortgages and other consumer loans, was at 2.14% late Friday.

The rise in bond yields and stocks comes a day after Federal Reserve Chair Jerome H. Powell said the central bank was prepared to move more aggressively in raising interest rates in its fight against inflation, if it needs to do so. Powell said the Fed would raise its benchmark short-term interest rate by a half-point at multiple Fed meetings, if necessary.

“Maybe investors are feeling that with the Fed taking more of a proactive approach early on it won’t have to slam on the brakes later,” said Sam Stovall, chief investment strategist at CFRA.

The S&P 500 rose 50.43 points to 4,511.61, and the Dow gained 254.47 points to 34,807.46. The Nasdaq rose 270.36 points to 14,108.82.

Smaller-company stocks also bounced back. The Russell 2000 index added 22.41 points, or 1.1%, to 2,088.34.

Concerns about rising inflation and slower economic growth have been weighing down stocks in 2022, but a rally last week helped trim some of the benchmark S&P 500′s losses for the year. The index is now down 5.3%.

Markets have been choppy as Wall Street adjusts to slower economic growth now that federal spending on various stimulus measures has faded away.

“This is actually fairly normal, but it doesn’t feel normal because the last few years have been really strong,” said Matt Stucky, senior portfolio manager at Northwestern Mutual Wealth.

On Wednesday, the central bank announced a quarter-point rate hike, its first interest rate increase since 2018. The Fed hasn’t raised its benchmark rate by half a point since May 2000.

“What has been a frustrating inflation setup for the Federal Reserve is likely getting more complex given the geopolitical conflict,” Stucky said.

Investors’ concerns about persistently rising inflation have been worsened by Russia’s war in Ukraine. Energy and commodity prices were already high as demand outpaced supply amid the global economic recovery, but the conflict has pushed oil, wheat and other prices even higher.

Rising raw material costs and shipping problems have made it more expensive for businesses to operate. Many of those costs have been passed on to consumers and higher prices for food, clothing and other goods could result in less spending and slower economic growth.

Technology and communications stocks drove a big share of the gains in the S&P 500 on Tuesday, as did companies that rely on consumer spending. Apple rose 2.1% and Twitter gained 2.6%. Nike added 2.2% after reporting surprisingly good third-quarter financial results. Energy stocks slipped as oil prices declined.

Banks helped send the market higher as bond yields continued rising. Higher bond yields allow banks to charge more lucrative interest on loans. Bank of America rose 3.1% and JPMorgan Chase gained 2.1%.

The price of U.S. benchmark crude oil fell 0.3% to $111.76 per barrel, while Brent, the international standard, slipped 0.1% to $115.48 per barrel. European markets rose broadly, while Asian markets closed higher overnight.

Investors will soon start readying for the next round of corporate earnings reports as the current quarter nears its close at the end of March, and that could provide a clearer picture of how industries continue handling rising costs.

Read More Here

Related Posts

pfizer-and-biontech-to-ask-fda-to-authorize-covid-19-booster-for-kids-as-young-as-5

Pfizer And BioNTech To Ask FDA To Authorize COVID-19 Booster For Kids As Young As 5

by NewsReporter
April 14, 2022
0

Pfizer and BioNTech plan to ask the Food and Drug Administration to clear a third dose of their COVID-19 vaccine for children as young as 5, the companies announced Wednesday, citing trial results showing a "robust response" of antibodies in this age group after the booster shot.  In the trial,...

netflix-subscribers-in-russia-launch-class-action-for-loss-of-service

Netflix Subscribers In Russia Launch Class Action For Loss Of Service

by NewsReporter
April 13, 2022
0

Russian Netflix users are suing the streaming firm for suspending its service as a result of Vladimir Putin’s invasion of Ukraine.Netflix, which has only about 1 million subscribers in Russia, suspended its services in March and has halted the development and acquisition of all Russian-made or commissioned TV shows and...

did-us-inflation-peak-in-march?-americans-are-concerned

Did US Inflation Peak In March? Americans Are Concerned

by NewsReporter
April 12, 2022
0

A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link.New York (CNN Business)Americans have been living with soaring prices for months. New inflation data set...

buffalo-officers-who-shoved-elderly-blm-protester-cleared-by-arbitrator

Buffalo Officers Who Shoved Elderly BLM Protester Cleared By Arbitrator

by NewsReporter
April 11, 2022
0

An arbitrator has ruled that two Buffalo police officers didn't violate the department's use-of-force guidelines when they pushed a 75-year-old protester to the ground in June 2020 during racial injustice protests following the murder of George Floyd in Minneapolis. The episode drew national attention when a news crew captured video ...

Maryland Digital News

© 2021 Maryland Digital News

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
  • Contact
  • About

Follow Us

No Result
View All Result
  • Home
  • About
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 Maryland Digital News

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT