Significant gains in Wall Street traded higher on Tuesday, as new oil prices plunged and slightly better-than-expected output prices eased some inflation concerns.
Oil prices fell below the psychological level of $ 100 a barrel today and entered a bear market, with total losses of more than 20% from the highs recorded on March 8.
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. More important, however, is the course of the so-called structural index of the measurement, which excludes the highly volatile energy and food prices, and which moved significantly lower than the estimates at 0.2% against a forecast of 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, the Dow Jones adds 601.95 points or 1.83% to 33,560.79 points. The S&P 500 is up 89.88 points or 2.06% at 4,259.17 points, while the tech Nasdaq is gaining 356.43 points or 2.83% at 12,932.74 points.
Of the 30 stocks that make up the Dow Jones industrial index 28 are moving with a positive sign and only two with a negative. The biggest gainers were Walt Disney with gains of $ 5.14 or 3.98% at $ 134.17, followed by Microsoft with gains of 3.67% to $ 286.59 and Home Depot to $ 329.27. with an increase of 3.43%.
The shares with the biggest losses are Chevron (-5.40%) and Dow (-2.14%).
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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