Oil prices kept surging Wednesday and topped $110 per barrel as Russia’s war continues against Ukraine, but stocks and other markets were showing less fear than a day earlier
Powell said he supports a more modest rise in interest rates
“We’ve seen wild swings, but not major changes in the indexes,” said Jeff Kleintop, chief global investment strategist at Charles Schwab. “Geopolitical conflicts can be very unsettling, but you don’t tend to get bear markets from these, just periods of volatility.” The yield on the 10-year Treasury leaped to 1.86% from 1.72% late Tuesday, while the two-year Treasury surged to 1.50% from 1.31%. Yields, though, remain well below where they were before Russia’s invasion. The 10-year yield was above 2% last month, before it plunged as investors plowed into investments seen as safer amid worries about war.
In the stock market, all the uncertainty about oil prices and inflation has led to big swings not only by the day but also by the hour. Through Wednesday afternoon, the S&P 500 swung between gains of 0.4% and 2.2%.
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