The S&P 500 gained 105.54 points, or 2.5%, to finish at 4,276.24 points, while the Nasdaq advanced 453.66 points, or 3.6%, to 13,249.21. The Dow Jones Industrial Average rose 641.25 points, or 2%, to 33,273.89.
Financials and technology were the biggest gainers in the S&P 500. Energy, which was the biggest performer in 2022, fell as Brent crude fell to about $110 a barrel from more than $130 earlier in the week.
There were also strong gains in the main European indices. Thus, the CAC 40 index in Paris jumped 7.1%, the Dax in Frankfurt 7.9% and the FTSE MIB in Milan 6.5%. In Madrid the Ibex-35 gained 4.9%.
Oil fell on Wednesday after news that the United Arab Emirates will ask its OPEC partners to increase productionwhich could ease some of the supply concerns caused by sanctions on Russia following its conflict with Ukraine.
The strong rise in oil and other raw materials raised fears of a further acceleration of already high inflation and the possibility of slowing economic growth.
“I think it’s an oversold rally due to the cooling of raw materials”said Walter Todd, chief investment officer at Greenwood Capital, adding: “Stocks sold pretty aggressively for a few days. I don’t know if this permanently changes the direction of things.”
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
