Stocks rallied on Wall Street on Thursday, but mostly fell in European markets as recession fears persisted. Oil prices continued to decrease.
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Wall Street’s gain followed the previous day’s decline, fueled by fears of a recession and the possibility that the US Federal Reserve (FRS) will not abandon its aggressive rate hike policy next week.
“We see today (..) a suggestion that the stock market needs a rebound after such a weak performance recently,” said Briefing.com market analyst Patrick O’Hare.
On European stock exchanges, share prices rose and fell alternately, with London and Paris closing the trading session lower, but Frankfurt practically unchanged.
“Nasty fears of a recession and ever-rising inflation continue to keep investors on edge,” said Suzanne Streeter, senior investment and markets analyst at Hargreaves London.
The Dow Jones Industrial Average rose 0.6% to 33,781.48 on Thursday, the Standard & Poor’s 500 rose 0.8% to 3,963.51 and theNasdaq Composite” increased 1.1% to 11,082.00 points.
London’s FTSE 100 fell 0.2% to 7,472.17 on Thursday, Frankfurt’s DAX extension 30 remained unchanged at 14,264.56 points, while the Paris CAC 40 stock index fell 0.2% to 6,647.31 points.
WTI crude oil fell 0.8% to $71.46 a barrel in electronic trading on the New York Stock Exchange on Thursday. The price of “Brent” crude oil on the London stock exchange decreased by 1.3% to 76.15 dollars a barrel.
The euro rose $1.0506 to $1.0560 per euro on Thursday, the British pound rose $1.2203 to $1.2239 per pound on Thursday and the dollar against the Japanese yen fell by 136.62 at 136.61 yen to the dollar. The euro rose against the British pound by 86.09 pence to 86.24 pence to the euro.
