NEW YORK, June 25 — Stocks on global markets rallied yesterday and registered strong gains for the week as a recent slide in commodity prices eased worries about inflation and the rate hike outlook.
“We’ve seen oil prices come down along with other commodity prices,” she said, adding that the market’s move is reflecting “expectations of at least a marked slowdown if not an out-and-out recession.” Also, the University of Michigan consumer sentiment survey’s reading on five-year inflation expectations was positive for stocks, Krosby said. It eased to 3.1 from the preliminary 3.3 per cent estimate in mid-June.The Dow Jones Industrial Average rose 823.32 points, or 2.68 per cent, to 31,500.
Benchmark copper CMCU3 on the London Metal Exchange was 0.5 per cent lower at US$8,367 a tonne after touching US$8,122.50, down 25 per cent from a peak in March and the lowest level since February 2021. Other industrial metals also tumbled.On the day, Brent crude settled up US$3.07, or 2.8 per cent, at US$113.12 a barrel, while US West Texas Intermediate crude settled up US$3.35, or 3.2 per cent, at US$107.62.