Dow snaps 3-day losing streak after Fed chief Powell says the peak policy interest rate may be higher
U.S. stocks ended sharply higher on Tuesday after a volatile...
U.S. stocks ended sharply higher on Tuesday after a volatile session in the wake of Federal Reserve chair Jerome Powell’s comments that inflation will decline significantly in 2023 but more interest-rate hikes will be necessary.
The Dow Jones Industrial Average DJIA, +0.78% ended up 265.67 points, or 0.8%, to 34,156.69.
The S&P 500 SPX, +1.29% gained 52.92 points, or 1.3%, to finish at 4,164.
The Nasdaq Composite COMP, +1.90% rose 226.34 points, or 1.9%, to end at 12,113.79.
EIA lifts 2023 oil-price forecasts, but cuts natural-gas price outlook
The Energy Information Administration raised its 2023 forecasts...
The Energy Information Administration raised its 2023 forecasts for WTI and Brent oil, but reduced its outlook for U.S. natural-gas prices, according to the monthly Short-Term Energy Outlook report released Tuesday. The EIA said Brent oil is expected to average $83.63 a barrel this year — up 0.6% from the January forecast. The government agency also lifted its 2023 West Texas Intermediate forecast by 0.9% to $77.84 a barrel. U.S. natural-gas prices, meanwhile, will likely average $3.40 per million British thermal units this year, down 30.5% from the January forecast. For 2024, the EIA cut its natural-gas price forecast by 15.8% to $4.04. In Tuesday dealings, March WTI oil CLH23, 4.16% rose $2.58, or 3.5%, to $76.69 a barrel and March natural gas NGH23, 4.40% traded at $2.527 per million Btus, up nearly 2.9% on the New York Mercantile Exchange. April Brent crude BRNJ23, 0.10% traded at $2.32, up 2.8%, or $83.31, on ICE Futures Europe.
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President Joe Biden will deliver his secondState of the Union address tonight, a speech given against the backdrop of rising consumer prices, a strong labor market, a new Republican House majority, and the ongoing war in Ukraine.
The address will be aired on major networks beginning at 9 pm ET, with Arkansas Gov. Sarah Huckabee Sanders providing the GOP response.
Rescuers Work in Freezing Conditions After Earthquake Kills 5,100 in Turkey and Syria
ISTANBUL — Thousands of rescue workers were digging through debris in freezing conditions on Tuesday...
ISTANBUL — Thousands of rescue workers were digging through debris in freezing conditions on Tuesday in a desperate search for survivors after an earthquake that has left at least 5,100 people dead in Turkey and Syria, a devastating toll that continued to rise.
Around 23 million people are likely to be affected by Monday’s devastating earthquake and in need of humanitarian assistance, the officials said, citing figures provided by the Pacific Disaster Center, a disaster management organization.
