A broad rally on Wall Street pushed stocks higher Thursday, giving the Standard & Poor’s 500 index its best day in seven weeks as the market recouped some of its losses after several days of volatile trading.
might inflict on the economy, as well as measures that the U.S. and other governments are taking to restrain it. Trading has been choppy all week, and despite the latest gains, every major index is on track for a weekly loss.Uber agrees to pay $9-million California settlement on sexual assault reporting failure
“It’s bargain-hunting after an overreaction,” Hatfield said. “Clearly the Fed and the variant are overhanging on the market, but the fundamentals are very strong and the Fed is still injecting liquidity into the market.” The latest coronavirus variant has led some countries to impose barriers to travel and stricter restrictions on business and people. Concerns about global restrictions potentially crimping economic growth butted up against concerns about rising inflation this week. The persistence of rising inflation has prompted the Federal Reserve to consider withdrawing stimulus measures sooner than expected.
Technology companies also rose, but the gains were crimped by a 0.6% drop from Apple after the iPhone maker reportedly warned suppliers that it is seeing weak demand ahead of the holiday season.U.S. crude oil prices rose 1.4%.and allied oil-producing nations decided Thursday to stick to their plans to boost output via steady, modest monthly increases in oil releases, even as the Omicron variant adds more uncertainty over the global economic recovery from the pandemic.
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