The Dow jumped 700 points, oils hit an 11-year high as ‘investors are whipsawed’ by rate hikes and the Russia-Ukraine conflict by skleb1234
The stock market jumped on Wednesday—despite oil prices skyrocketing to their highest level since 2011 amid Russia’s invasion of Ukraine—as Federal Reserve Chairman Jerome Powell told Congress that the central bank plans to raise interest rates by a quarter-percentage-point this month as it looks to combat surging inflation.Spencer Platt/Getty ImagesStocks rebounded on Wednesday: The Dow Jones Industrial Average rose 2.1%, around 700 points, while the S&P 500 gained 2.
The market moved broadly higher even as oil prices continued to skyrocket due to Russia’s invasion of Ukraine, with financials, energy and industrial stocks leading the gains.in recent weeks, jumped to their highest level since 2011 on Wednesday: U.S. benchmark West Texas Intermediate crude jumped to roughly $110 per barrel, while global benchmark Brent crude rose to nearly $112 per barrel.before Congress that the central bank plans to begin raising interest rates—beginning with a 0.
The Fed chairman did add, however, that the central bank is closely monitoring the Ukraine conflict and subsequent Western sanctions against Russia: “The implications for the U.S.
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