Dow jumps 600 points, oil slides to $96 off 27% from peak
Fed kicks off 2-day meeting as Russia-Ukraine war continues
Fed expected to raise interest rates this week
Structured Finance Association CEO Michael Bright discusses what would happen for American families if the Fed raised interest rates on ‘Fox Business Tonight.’
U.S. stocks picked up momentum in the final hour of trading as crude prices retreated and investors eye the ongoing conflict between Russia and Ukraine.
RUSSIA INVADES UKRAINE: LIVE UPDATES
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
| SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
The Dow Jones Industrial Average gained 600 points or 1.8% while the S&P 500 rose 2% and the Nasdaq Composite 3%.
Crude's slide continued Tuesday with U.S. oil hitting $96.44 per barrel, now off 27% from the peak $130 hit last week. Brent, the global benchmark fell to $99.91 as fears rise around China's new COVID-19 outbreak. Gold also retreated to $1,928.50.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND - USD ACC | 71.61 | -0.11 | -0.15% |
| BNO | UNITED STATES BRENT OIL FUND - USD ACC | 29.00 | +0.04 | +0.14% |
| GLD | SPDR GOLD SHARES TRUST - USD ACC | 245.59 | +2.10 | +0.86% |
FEDERAL RESERVE EXPECTED TO HIKE INTEREST RATES THIS WEEK, DESPITE UKRAINE VOLATILITY
Gas prices remained at the $4.31 level, per AAA.
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The Federal Reserve kicked off its two-day meeting and policymakers are widely expected to raise interest rates Wednesday at least 0.25%, putting big banks in a position to charge more for loans.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 249.76 | -0.14 | -0.06% |
| WFC | WELLS FARGO & CO. | 77.20 | -0.11 | -0.14% |
| C | CITIGROUP INC. | 70.16 | +0.42 | +0.60% |
In stocks, vaccine makers are in focus as investors monitor China and the latest COVID surge.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MRNA | MODERNA INC. | 44.26 | +1.20 | +2.79% |
| PFE | PFIZER INC. | 25.82 | -0.39 | -1.49% |
| BNTX | BIONTECH SE | 117.20 | -1.19 | -1.01% |
U.S. stocks are wavering between positive and negative territory early Tuesday morning. (Allie Joseph/New York Stock Exchange via AP)
Oil's pullback gave airlines a boost. Separately, Southwest, in a filing with the Securities and Exchange Commission, disclosed it hedges fuel and is managing the recent spike.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DAL | DELTA AIR LINES INC. | 63.73 | +0.13 | +0.20% |
| UAL | UNITED AIRLINES HOLDINGS INC. | 96.61 | +0.26 | +0.27% |
| AAL | AMERICAN AIRLINES GROUP INC. | 14.70 | +0.06 | +0.41% |
| LUV | SOUTHWEST AIRLINES CO. | 32.48 | +0.12 | +0.37% |
In deal news, Big Lots surged after Mill Road Capital increased its take in the company and is pushing for a sale.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BIG | NO DATA AVAILABLE | - | - | - |
In cryptocurrencies, Bitcoin hovered at the $39,000 mark despite the jump in equities.
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The Associated Press contributed to this report.