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Stock market news March 31, 2022

Stock market today

How did the US stock market close today? All major US stock indexes closed lower.

S&P 500: 4,530.41,-72.04(-1.57%)
Dow 30: 34,678.35,-550.46(-1.56%)
Nasdaq: 14,220.52,-221.76(-1.54%)
Russell 2000: 2,070.32,-20.75(-0.99%)

Stock market news today

“Stocks fell Thursday to close out a turbulent quarter in the red as investors weighed a decision by President Joe Biden to carry out the largest oil release ever from the country’s strategic petroleum reserve in an effort to mitigate spiking energy prices.

The S&P 500 tumbled 1.6%, and the Dow Jones Industrial Average erased 550 points. The Nasdaq Composite declined 1.5%. The moves mark the worst quarter for stocks in two years. Oil prices extended a streak of recent swings, with WTI crude oil futures dropping 6.6% to about $100 per barrel.

President Joe Biden unveiled plans to release 1 million barrels of oil a day for the next six months from the U.S. Strategic Petroleum Reserve in the largest release ever to try to curb surging gasoline prices, the White House Said on Thursday. Energy prices have skyrocketed in recent months, particularly after Russia’s Feb. 24 invasion of Ukraine.

“Our prices are rising because of Russian President Vladimir Putin’s actions,” he said There isn’t enough supply. And the bottom line is if we want lower gas prices we need to have more oil supply right now,” Biden said.

Meanwhile, Russian forces continued attacks on Kyiv and northern Ukraine despite reports Moscow pledged to ease its military action in the areas during peace talks in Istanbul earlier this week. As of Wednesday, the number of people in Ukraine who have fled their homes to escape the invasion and seek safety reached 4 million, according to the United Nations.

Stocks have had a turbulent start to the year as a number of headwinds — geopolitical turmoil, rising inflation, supply chain imbalances, and central bank monetary tightening — roil financial markets. Still, the S&P 500 is up 11% from its lowest level of the year in early March as of Tuesday’s close and just 4% shy of notching a new all-time high after a recent comeback. Based on more than seven decades of data, the momentum is likely to continue even despite some day-to-day choppiness.”

Stock market data: Yahoo Finance



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