NEW YORK (dpa-AFX) – On Tuesday, sharp increases in oil prices fueled fears of inflation and recession again and stock exchangein a bad mood. The trigger for the new oil price rally was the EU’s oil embargo against Russia, even if there was only one compromise.
–
After the holiday on Monday, the Dow Jones Industrial recently fell 0.67 percent to 32,987.18 points, noticeably reducing its early losses. On a monthly basis, a minimal plus is currently in the offing. The best-known Wall Street index owes this primarily to bargain hunters, who last week provided the largest weekly increase since 2020. After the price slide between the end of April and mid-May, they used the lower prices to get back into the market. Signals from the US Federal Reserve (Fed), which investors had taken as evidence of only a gradual tightening of US monetary policy, also helped.
–
The market-wide S&P 500 lost 0.72 percent to 4128.50 points in early trading on Tuesday. The technology-heavy Nasdaq 100 fell by 0.73 percent to 12,589.08 points and is currently around two percent in the red for the month.
–
Before the interest rate policy of the Fed could possibly come into focus again in the course of trading, since Fed Chairman Jerome Powell will meet with US President Joe Biden, the focus was primarily on oil stocks. Shares in Dow member Chevron, which have already performed well, rose 1.4 percent and climbed to a record high. In the S&P 100, ConocoPhillips was up 2.5 percent and ExxonMobil was up 2.2 percent. Marathon Oil even went up 5.1 percent.
—
