The market is trying to find equilibrium." "This recent drop is a combined result of that and a reflection that there is going to be an economic slowdown. "Oil is still up 25% from the beginning of the year," Pursche added. crude and gasoline stocks, which followed the OPEC+ group of crude producers' announcement that it would increase its production by a mere 100,000 barrels per day. Energy Information Administration showed an unexpected surge in U.S. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) closed 0.27% higher, while Japan's Nikkei (.N225) rose 0.53%.Ī drop in oil prices accelerated after a report from the U.S. The pan-European STOXX 600 index (.STOXX) rose 0.51% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 1.01%.Įmerging market stocks rose 0.28%. The Dow Jones Industrial Average (.DJI) rose 416.33 points, or 1.29%, to 32,812.5, the S&P 500 (.SPX) gained 63.98 points, or 1.56%, to 4,155.17 and the Nasdaq Composite (.IXIC) added 319.40 points, or 2.59%, to 12,668.16.Įuropean stocks closed higher, reclaiming losses suffered in recent sessions as a series of upbeat earnings helped investors look past disappointing euro zone economic data. House of Representatives Speaker Nancy Pelosi's wrapped up a brief visit to Taiwan that had provoked ire from China.
Louis Fed President James Bullard underscored that hawkishness by reiterating the central bank's intention to "be tough" on inflation until it cools down to the Fed's average annual 2% target.
"We've seen decent earnings, and there was robust economic news, and we had several Fed (officials) reassuring statements that the Fed would be able to bring inflation under control."Įconomic data showed an unexpected acceleration of services activity and a robust increase in factory orders, suggesting that the economy was healthy enough to withstand the hawkish monetary policy from the U.S. "It's about the fundamentals, it's all about earnings and data," said Oliver Pursche, senior vice president at Wealthspire Advisors in New York.
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