Closing oil and gas prices for Wednesday, March 17, 2022
Benchmark U.S. crude oil for April delivery fell $1.40 to $95.04 a barrel Wednesday. Brent crude...
Benchmark U.S. crude oil for April delivery fell $1.40 to $95.04 a barrel Wednesday. Brent crude for May delivery fell $1.89 to $98.02 a barrel. Wholesale gasoline for April delivery fell 1 cent to $2.99 a gallon. April heating oil rose 7 cents to $3.10 a gallon. April natural gas rose 18 cents $4.75 per 1,000 cubic feet.
Dow ends up over 500 points after Fed's first rate hike in 4 years
Stocks ended sharply higher Wednesday in a session marked by big swings after the Federal...
Stocks ended sharply higher Wednesday in a session marked by big swings after the Federal Reserve delivered a widely expected quarter-point rate hike and penciled in a series of increases over the rest of the year. The Dow Jones Industrial Average DJIA, +1.55% dipped into negative territory after the Fed announcement but roared back by the closing bell to end the session up around 519 points, or 1.5%, near 34,063. The S&P 500SPX, 2.24% jumped 2.2% to close near 4,358, while the Nasdaq Composite COMP, 3.77% advanced 3.8% to close near 13,437.
The Fed is raising interest rates one-quarter point, with more to come this year
The Federal Reserve on Wednesday raised its benchmark interest rate by a quarter percentage point...
The Federal Reserve on Wednesday raised its benchmark interest rate by a quarter percentage point and laid out plans for a more aggressive strategy of “ongoing increases” in the months ahead to combat high inflation.
With inflation running at a 40-year peak, the Fed is shifting aggressively away from its two-year-old stimulative stance that cushioned the economy during the pandemic.
The Fed now sees its policy rate hitting 1.9% by the end of this year, jumping to 2.8% in 2023 and staying at that level in 2024.
The Fed’s inflation-fighting medicine was stronger than many on Wall Street had expected.
