Stock market news today: Tech stocks hurt as oil prices jump

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 12 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 8%
  • Publisher: 51%

Business News News

US stocks trade mixed as oil surges on unexpected production cut by OPEC+

"The primary reason for [OPEC+'s] move was the worry that the financial crisis that began when SVB collapsed would cause a large chain reaction that would significantly slow down the global economy," Naeem Aslam, chief investment officer at Zaye Capital Markets, wrote in a note.

"Oil countries will continue to beat the drums of more oil supply cutbacks if oil prices fall below $70," but oil prices are unlikely push pat $100 per barrel until another so-called Black Swan event occurs, he said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock Market Today: Dow up 300 points as energy shares jump after OPEC+ oil production cutsMarketWatch Live: Dow up 300 points as OPEC+ quota cut ignites energy shares This is great news! Oil prices will likely come down, which will benefit consumers in the long run.
Source: MarketWatch - 🏆 3. / 97 Read more »