Stocks Bounce Back, Oil Up Sharply Ahead of OPEC Meeting - and What Else Is Happening in the Stock Market
U.S. Stocks were rebounding from a Tuesday rout, with markets watching key economic data as well. “Today, the mood in the market has improved.”
Tuesday, stocks spiraled after large Covid-19 vaccine and treatment producers said their remedies were likely to be less effective at immunizing against the new variant, Omicron. Plus, Federal Reserve Chair Jerome Powell said the Fed may soon consider upping the pace of its tapering, or the reduction of its bond buying program. The combination sent the S&P 500 to a level almost 3% below its all-time high, hit in November.
Now, investors are swooping up stocks that had been on sale, though the S&P 500 and the Dow remain below their highs. Alongside a rising stock market, investors are generally moving out of safer assets and into riskier ones.
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