Stocks had their biggest jump since June 2020 Wednesday as a sharp drop in oil prices eased fears that inflation was about to get worse around the globe. The S&P 500 rose 2.6%. The rally broke a four-day losing streak for stocks but wasn’t enough to erase their losses for the week. The price of US crude oil dropped 12%, the most since November, bringing relief after a sharp runup in crude prices since Russia invaded Ukraine, the AP reports. The S&P 500 rose 107.18 points to 4,277.88. The Dow Jones Industrial Average rose 653.61 points, or 2%, to 33,286.25. The Nasdaq rose 459.99 points, or 3.6%, to 13,255.55. The Russell 2000 index of smaller companies rose 53.28 points, or 2.7%, to 2,016.29.
Big swings have been jerking markets around in recent weeks as investors try to guess how much damage Russia’s invasion of Ukraine will do to the global economy. The swings have struck not only day-to-day but also hour-to-hour, with some days seeing several big reversals. The chaotic movements are likely only to continue with uncertainty so high about the war in Ukraine and its ultimate economic fallout. Crude oil prices tumbled and the slide accelerated amid reports that the United Arab Emirates will urge fellow OPEC members to boost production and ease supply concerns. A barrel of US crude oil dropped 12.1% to settle at $108.70. Brent crude, the international standard, fell 13.2% to settle at $111.14.
On Wall Street, the gains were broad-based, with nearly 90% of the stocks in the S&P 500 rising, led by technology companies. Some of the strongest moves came from airlines, travel companies and other stocks that bounced back from steep drops on worries about fuel costs and the ec,onomy. The value of bitcoin rallied nearly 9% and was back above $42,000 after Biden signed an executive order on government oversight of cryptocurrency. Crypto players have increasingly been saying they welcome increased regulation, and they want to have a hand in shaping it. European stocks rallied even more than the US market. Germany’s DAX jumped 7.9% and France’s CAC 40 rose 7.1%. (More stock market stories.)
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