HomeStock market newsStock market news March 15, 2022

Stock market news March 15, 2022

Stock market news

How did the US stock market close today? Tech stocks outperformed, Nasdaq gained 367 points.

S&P 500:4,262.45,+89.34(+2.14%)
Dow 30:33,544.34,+599.10(+1.82%)
Nasdaq:12,948.62,+367.40(+2.92%)
Russell 2000:1,968.30,+26.58(+1.37%)

Stock market commentary

“Wall Street’s main benchmarks advanced Tuesday alongside a sharp pullback in oil prices, which in recent weeks have surged on fears the war in Ukraine will cut global economic growth. Investors also weighed fresh data out of Washington that showed U.S. producer prices were unchanged in February for the first time in at least a year — a sign the tide may be turning on inflation.

The S&P 500 soared 2.2% to 4,262.73 after the index logged a “death cross” — when the 50-day moving average closes below the 200-day moving average — in Monday’s session. The Dow Jones Industrial Average jumped 600 points, or 1.8%, to 33,545.92, and the Nasdaq Composite gained 2.9% to 12,948.62.

Commodities extended a streak of gyrations. WTI Crude Oil futures fell below $100 to settle around $96 a barrel, about 27% from record intraday high of $130.50 last week.

“I fully expect crude oil is going to go back towards $40 or $50 a barrel,” Bloomberg Intelligence’s Mike McGlone told Yahoo Finance Live Monday. “From this war, I think we’re going to see a significant amount of demand destruction.”

“Markets are psychological first and analytical second,” Revolution Growth partner Todd Klein told Yahoo Finance Live. “Some of the cliches from the 1980s are reemerging, like Wall Street having to climb a wall of worry in order to have enough visibility into the future to invest with confidence.”

Investors continued to monitor the Russia-Ukraine war and braced for a key monetary policy decision due out of the Federal Reserve Wednesday that could place short-term interest rates above near-zero levels for the first time since 2018. A COVID outbreak in China also presented new headline risk for traders to digest.

The country recorded a sharp rise in daily COVID-19 infections on Tuesday, with new cases more than doubling from a day earlier to hit a two-year high. The surge in infection raising questions about the economic cost of the country’s ultra-strict zero-COVID policy.”

Stock market data: Yahoo Finance

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