Wall Street sees losses as oil gains

Posted 24 March, 2022

US stocks are posting further losses as a brief rise seen in Tuesday's session faded on Wednesday.

The Dow Jones Industrial Average fell nearly 350 points, or 1.0% in the red, while the S&P 500 and Nasdaq Composite were down 0.93% and 0.97%.

The struggles on Wall Street came after European stocks ended lower amid market uncertainty surrounding the war between Ukraine and Russia. Falls in European equities also followed inflation news in the UK.

The pan-European Stoxx 600 index closed down 1%, while the German DAX and the French CAC lost 1.3% and 1.2% respectively. In the UK, the FTSE 100 closed 0.2% lower after data released on Wednesday showed inflation rose 6.2% year-on-year in February, the fastest pace highest in the country since March 1992.

The slowdown in equities contrasted with another jump in oil prices on Wednesday. International oil benchmark Brent crude rose more than 4% to top $120 a barrel, while West Texas Intermediate also gained, adding 3.7% to $113 a barrel.

The 10-year U.S. Treasury yield fell above 2.41% but still moved to levels near May 2019 highs. Rates rose on Monday after Fed Chairman Jerome Powell said the central bank would seek to be aggressive in its efforts to fight inflation.

And market watchers believe the surge could impact stock markets in the near term, although a rapid turnaround in the global geopolitical landscape and improving supply issues could push stocks back towards outperformance later in the year. 'year

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24 March, 2022 10:19

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