Wall Street Also Shows Recovery After Recent Losses

The stock markets in New York showed a clear recovery on Wednesday after the price losses in recent days. Stabilization of the prices of commodities in Europe also resulted in considerably higher stock prices.

 

However, the markets remain highly erratic due to the uncertainty created by the war in Ukraine, with large price falls alternating with strong rebounds.

Investors are therefore keeping a close eye on developments in Ukraine. A spokeswoman for the Russian Ministry of Foreign Affairs said she said overthrowing the Ukrainian government was not part of Russia’s plans and that Russia would prefer to achieve its goal through talks. Furthermore, the meeting of the foreign ministers of Russia and Ukraine on Thursday in Turkey is looked forward to.

On the other hand, a Kremlin spokesman said the United States has declared “economic war” on Russia. Moscow says it is seriously considering what to do after US President Joe Biden decided to ban fossil fuels from Russia on Tuesday. The country has previously imposed sanctions on Russian banks, administrators and the country’s central bank.

Shortly after opening, the Dow-Jones index was 1.8 percent higher at 33,226 points. The broad S&P 500 gained 2 percent to 4,253 points, and tech gauge Nasdaq rose 2.4 percent to 13,114 points.

Oil prices, which have risen sharply in recent days, fell. The US has banned the import of oil, gas and coal from Russia but has already bought a few of these commodities from the country. The United Kingdom does not want to stop buying Russian oil until later this year, and the EU does not impose a ban on Russian oil and gas. However, Brussels does want to reduce the purchase of gas from the country considerably.

A barrel of Brent oil was 5 percent cheaper at $121.56, and US oil fell 4.8 percent in price to $117.70 a barrel. US oil companies such as ExxonMobil and Chevron, which previously benefited strongly from higher oil prices, lost 3 and 2.8 percent, respectively.

Bumble rose nearly 40 percent after well-received quarterly earnings. Analysts at BMO also raised the advice for the dating company’s share, which they say could rise in price by almost 200 percent. Soup manufacturer Campbell Soup, who also came up with figures, won 2.3 percent. PayPal rose 3.4 percent, despite a cut by analysts at Bank of America.

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