Skip to content

Stocks Rally Amid Oil Rout as Fed Decision Looms: Markets Wrap

  • West Texas Intermediate crude trades below $100 a barrel
  • Biden will travel to Europe next week to meet with NATO allies
Bloomberg business news
WATCH: Dana D’Auria, Co-CIO at Envestnet PMC, discusses her outlook for markets ahead of the Federal Reserve decision.Source: Bloomberg
Updated on

Stocks rallied as oil tumbled and a widely watched manufacturing-gauge came in much weaker than expected, easing fears about more aggressive Federal Reserve tightening that could stifle economic growth.

Beaten-down tech shares led gains in the S&P 500, with the Nasdaq 100 outperforming after a plunge of more than 20% from a record. West Texas Intermediate crude sank below $100 a barrel amid signals that Iran nuclear talks may resume, paving the way for more oil supply to come into the market while intensifying lockdowns in China introduced risks to global demand. Treasury two-year yields were little changed ahead of the Fed’s policy decision.