Wall Street indexes rallied on Tuesday, with the industrial Dow Jones gaining 600 points and the technological Nasdaq closing with a jump of 2.9% as the new drop in oil prices and the slightly better estimate of producer prices , helped ease inflation concerns shortly before the Federal Reserve’s monetary policy decisions.
Oil prices fell below the psychological level of $ 100 a barrel today and entered the bear market, with total losses of more than 20% from the highs recorded last week, exceeding $ 139 a barrel.
Combined with the data on wholesale prices, which fluctuated even marginally below market estimates in February, concerns about the course of extremely high inflation seem to be limited to a degree.
Specifically, the producer price index rose 0.8% after rising 1.2% in January, while analysts expected it to move at a rate of 0.9%, although on an annual basis it remained at 10% as expected. However, the course of the so-called structural index of the measurement seems to be more important, which excludes the highly volatile energy and food prices and which moved significantly lower than the estimates at 0.2% compared to the forecast for 0.6%.
These data come as the two-day meeting of the Federal Reserve begins today. The US Federal Reserve is expected to announce tomorrow the first increase in interest rates since 2018, beginning the cycle of tightening its policy, with geopolitical developments, however, have virtually eliminated the possibility of a more aggressive move from the 25 basis points.
Indicators – Statistics
On the board, Dow Jones added 599.10 points or 1.82% and closed at 33,544.34 points. The S&P 500 was up 89.34 points, or 2.14%, at 4,262.45 points, while the tech Nasdaq was up 367.40 points, or 2.92%, at 12,948.62 points.
Ukrainian President Volodymyr Zelensky said in a statement that Kyiv was ready to accept security guarantees without any mention of the country joining NATO. for “margins of compromise” with the Russian side, leaving a ray of hope for something more tangible in the coming days.
For the rest of the day, macroeconomic news was negative from the Empire State of New York Index, which fell 14.9 points to -11.8 points, while economists expected the index to be formed in 5.5 units.
Among other things, both orders and shipments fell in March, while there were continued substantial increases in import prices and sales prices.
Source: Capital

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