https://sputnikglobe.com/20220323/dow-plummets-400-plus-points-as-oil-prices-surge-amid-concerns-over-inflation-supply-shortages-1094129432.html
Dow Plummets 448 Points as Oil Prices Surge Amid Concerns Over Inflation, Supply Shortages
Dow Plummets 448 Points as Oil Prices Surge Amid Concerns Over Inflation, Supply Shortages
Sputnik International
Billionaire investor Carl Icahn earlier this week warned that the American economy could be headed toward a “recession, or even worse" amid continued US and... 23.03.2022, Sputnik International
2022-03-23T20:02+0000
2022-03-23T20:02+0000
2022-08-06T13:36+0000
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At close on Wednesday, the Dow Jones Industrial Average dropped some 448.96 points (1.3%), while the S&P 500 declined around 1.2% and the Nasdaq Composite fell approximately 1.3%. The dips come days after Jerome Powell, chairman of the US Federal Reserve System, said the government's central bank was prepared to increase interest rates by half-percentage-point increments, to reel in inflation. While Tuesday's market close did not appear to reflect a potential rise in interest rates, indexes slumped on Wednesday after observing a rise in the price of Brent crude, a waterborne crude oil used as the international benchmark for much of the world's oil. Brent crude rose $6.12 a barrel (5.3%) to $121.60, amounting to the third-highest settlement value of the year, according to the Wall Street Journal. Overall, Brent crude has surged 56% in 2022. West Texas Intermediate (WTI) crude, the US oil benchmark, also saw a 5% gain, amounting to almost $115 a barrel.As energy stocks rallied, Hess and Diamondback Energy were the top gainers at the S&P 500's close, respectively rising 4.6% and 3.9%.While the S&P 500 has recouped some losses since the beginning of the Kremlin's special military operation in Ukraine, fears of a possible economic downturn remain, particularly as yields on long-term US government bonds slip below yields on short-term bonds. The rare occurrence, known as an "inversion," similarly sounded alarms for financial experts in 2018.Let's stay in touch no matter what! Follow our Telegram channel to get all the latest news: https://t.me/sputniknewsus
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us stocks, dow jones, us economy, oil prices, supply chain, inflation
us stocks, dow jones, us economy, oil prices, supply chain, inflation
Dow Plummets 448 Points as Oil Prices Surge Amid Concerns Over Inflation, Supply Shortages
20:02 GMT 23.03.2022 (Updated: 13:36 GMT 06.08.2022) Billionaire investor Carl Icahn earlier this week warned that the American economy could be headed toward a “recession, or even worse" amid continued US and global support of Kiev following the initiation of the Kremlin's special military operation in Ukraine.
At close on Wednesday, the Dow Jones Industrial Average dropped some 448.96 points (1.3%), while the S&P 500 declined around 1.2% and the Nasdaq Composite fell approximately 1.3%.
The dips come days after Jerome Powell, chairman of the US Federal Reserve System, said the government's central bank was prepared to increase interest rates by half-percentage-point increments, to reel in inflation.
While Tuesday's market close did not appear to reflect a potential rise in interest rates, indexes slumped on Wednesday after observing a rise in the price of Brent crude, a waterborne crude oil used as the international benchmark for much of the world's oil.
Brent crude rose $6.12 a barrel (5.3%) to $121.60, amounting to the third-highest settlement value of the year, according to the Wall Street Journal. Overall, Brent crude has surged 56% in 2022.
West Texas Intermediate (WTI) crude, the US oil benchmark, also saw a 5% gain, amounting to almost $115 a barrel.
"It’s very difficult to try to gauge how the higher interest rates will impact inflation, the economy and earnings growth, and then you add on top of it a war that’s constraining oil," Jack Ablin, chief investment officer for investment firm Cresset Capital, told CNBC.
As energy stocks rallied, Hess and Diamondback Energy were the top gainers at the S&P 500's close, respectively rising 4.6% and 3.9%.
While the S&P 500 has recouped some losses since the beginning of the Kremlin's special military operation in Ukraine, fears of a possible economic downturn remain, particularly as yields on long-term US government bonds slip below yields on short-term bonds. The rare occurrence, known as an "inversion," similarly sounded alarms for financial experts in 2018.
Let's stay in touch no matter what! Follow our Telegram channel to get all the latest news: https://t.me/sputniknewsus 
