Stocks drift higher on Wall Street as oil prices swing
BlackRock’s stronger profit report and cooler inflation data eased rate worries as traders priced in only a 12% chance of a Fed hike.
- On Wednesday, the United States stock market drifted higher, with The Dow Jones Industrial Average rising 0.4% and the Nasdaq composite adding 0.2% following reports showing inflation slowed last month.
- Strong corporate earnings drove market gains, with BlackRock surging 7.4% after CEO Laurence Fink reported $6 trillion in assets under management, while Bank of New York Mellon gained 3.2% and Morgan Stanley added 1.1%.
- From Amsterdam, ASML reported stronger revenue growth as CEO Christophe Fouquet cited continuing progress in the AI-related boom spurring customer expansions, while South Korea's Kospi jumped 6.2% as technology stocks recovered.
- Oil prices swung near their highest levels in a month due to the war with Iran, with the Revolutionary Guard threatening to halt energy exports from the Strait of Hormuz; Brent crude briefly topped $86 before falling 0.5%.
- Following inflation data, traders see just a 12% chance the Fed will raise its main interest rate at its next meeting, helping send the yield on the 10-year Treasury down to 4.55% from 4.58% late Tuesday.
19 Articles
19 Articles
Sydney Morning Herald
ASX closes flat; BHP falls on copper warning, AMP shares rally
The Australian sharemarket treaded water as losses by world’s biggest miner BHP and energy stocks offset gains by the big four banks and a rally by wealth giant AMP.
Idaho Press
Idaho State JournalStocks rise on Wall Street as oil prices swing
U.S. stocks are gaining ground following strong profit reports from big companies and more details on the path of inflation. The S&P 500 rose 0.4% Wednesday and was on track for a fourth gain in five days. The Dow Jones…
The Washington Post
Stocks drift higher on Wall Street as oil prices swing
US stocks rise within 0.5% of their record, even as oil prices keep climbing - WXXV News 25
By STAN CHOE NEW YORK (AP) — U.S. stocks ticked higher Wednesday following strong profit reports from BlackRock and other big companies. The tentative gains came as oil prices swung to their highest levels in a month because of the war with Iran. The S&P 500 rose 0.4% after flipping between modest gains and losses through the day, and it’s back within 0.5% of its all-time high set last month. The Dow Jones Industrial Average added 150 points, …
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