Stocks rally on Wall Street as oil prices keep falling
NEW YORK (AP) — Stocks are climbing on Wall Street Tuesday as inflation worries ebb and oil prices slide.
The S&P 500 was 2% higher in afternoon trading after a report showed inflation’s rapid acceleration paused at the wholesale level last month.
The wilder action was in oil and Asian stock markets, where tighter anti-COVID measures in China are raising worries.
Oil tumbled more than 6%, and a barrel of U.S. crude fell below $97. Stocks in Hong Kong sank more than 5% for a second straight day.
Treasury yields were mixed as the Federal Reserve starts a highly anticipated two-day meeting on rates.