Crude prices have fallen every day this week save for one and drillers are getting hit hard as potential economic headwinds raise anxiety once again over a recession. Futures for the Dow Jones industrials and the S&P 500 shuffled between small gains and losses before the opening bell Thursday. Benchmark U.S. crude oil are down another 91 cents to $83.
72% early Thursday from 4.73% late Wednesday. After already hiking its main interest rate to the highest level since 2001, the Fed has indicated it may keep its overnight rate higher next year than it had earlier expected. Treasury yields have correspondingly snapped higher as traders accept a new normal for markets of high rates for longer. Those elevated interest rates are posing a threat to economic growth in the U.S.
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