The Fort Worth Press - Stocks rise despite jump in oil, metals prices

USD -
AED 3.673025
AFN 70.797452
ALL 93.724474
AMD 387.967047
ANG 1.801862
AOA 855.501128
ARS 903.228898
AUD 1.51676
AWG 1.8
AZN 1.69623
BAM 1.82576
BBD 2.018717
BDT 117.482322
BGN 1.82612
BHD 0.376895
BIF 2873.439287
BMD 1
BND 1.35275
BOB 6.908913
BRL 5.399936
BSD 0.99979
BTN 83.513734
BWP 13.565777
BYN 3.271955
BYR 19600
BZD 2.015263
CAD 1.37465
CDF 2844.999821
CHF 0.892498
CLF 0.033583
CLP 926.649958
CNY 7.256105
CNH 7.27022
COP 4138.57
CRC 525.379822
CUC 1
CUP 26.5
CVE 102.933557
CZK 23.056297
DJF 178.011155
DKK 6.96443
DOP 59.240589
DZD 134.820562
EGP 47.713497
ERN 15
ETB 57.662863
EUR 0.93352
FJD 2.24275
FKP 0.784602
GBP 0.78952
GEL 2.870336
GGP 0.784602
GHS 14.9951
GIP 0.784602
GMD 67.74981
GNF 8606.968657
GTQ 7.768676
GYD 209.147337
HKD 7.81059
HNL 24.716563
HRK 7.018438
HTG 132.623865
HUF 369.880392
IDR 16458.85
ILS 3.727055
IMP 0.784602
INR 83.5395
IQD 1309.715513
IRR 42099.999742
ISK 139.570415
JEP 0.784602
JMD 155.774931
JOD 0.708896
JPY 157.860128
KES 129.480258
KGS 87.859902
KHR 4117.715699
KMF 457.50218
KPW 900.000131
KRW 1382.239784
KWD 0.30675
KYD 0.833158
KZT 453.602184
LAK 21901.094541
LBP 89536.371911
LKR 303.717706
LRD 193.964853
LSL 18.219515
LTL 2.952741
LVL 0.60489
LYD 4.847721
MAD 9.990712
MDL 17.851525
MGA 4480.851362
MKD 57.458548
MMK 2093.698478
MNT 3450.000098
MOP 8.042003
MRU 39.372681
MUR 47.109917
MVR 15.410175
MWK 1733.062615
MXN 18.53975
MYR 4.719505
MZN 63.694956
NAD 18.219515
NGN 1483.040261
NIO 36.798992
NOK 10.72277
NPR 133.621788
NZD 1.636135
OMR 0.384943
PAB 0.99979
PEN 3.770636
PGK 3.844197
PHP 58.654048
PKR 278.494714
PLN 4.070191
PYG 7529.697309
QAR 3.646573
RON 4.645804
RSD 109.278026
RUB 88.798745
RWF 1306.575816
SAR 3.75203
SBD 8.4616
SCR 14.133804
SDG 585.999745
SEK 10.542304
SGD 1.353355
SHP 1.26345
SLE 22.847303
SLL 20969.501917
SOS 571.4019
SRD 31.571995
STD 20697.981008
SVC 8.747929
SYP 2512.530426
SZL 18.212794
THB 36.786498
TJS 10.761656
TMT 3.5
TND 3.126607
TOP 2.360898
TRY 32.855725
TTD 6.795024
TWD 32.377497
TZS 2623.013999
UAH 40.641789
UGX 3704.170459
UYU 39.291465
UZS 12624.798712
VEF 3622552.534434
VES 36.365932
VND 25455
VUV 118.721975
WST 2.800615
XAF 612.342878
XAG 0.034189
XAU 0.000431
XCD 2.70255
XDR 0.758757
XOF 612.342878
XPF 111.330486
YER 250.293986
ZAR 18.29115
ZMK 9001.202255
ZMW 25.819972
ZWL 321.999592
  • CMSD

    -0.1000

    24.36

    -0.41%

  • BCC

    -3.9000

    126.6

    -3.08%

  • RBGPF

    0.0000

    56.5

    0%

  • BCE

    -0.3754

    32.88

    -1.14%

  • JRI

    -0.0865

    11.89

    -0.73%

  • RIO

    -0.4100

    66.51

    -0.62%

  • CMSC

    0.0400

    24.54

    +0.16%

  • RYCEF

    -0.1700

    5.81

    -2.93%

  • NGG

    0.4000

    56.55

    +0.71%

  • SCS

    0.0700

    12.4

    +0.56%

  • RELX

    -0.4300

    45.22

    -0.95%

  • GSK

    -0.4600

    40.65

    -1.13%

  • VOD

    -0.0100

    8.74

    -0.11%

  • BP

    -0.3000

    34.89

    -0.86%

  • AZN

    0.0600

    79.59

    +0.08%

  • BTI

    0.0300

    30.63

    +0.1%

Stocks rise despite jump in oil, metals prices
Stocks rise despite jump in oil, metals prices

Stocks rise despite jump in oil, metals prices

US and European equity markets rallied Wednesday despite another jump in the price of oil and other commodities, taking solace from Federal Reserve comments suggesting a patient approach to hiking interest rates.

Text size:

In the first of two congressional hearings, Fed Chair Jerome Powell adopted a moderate tone when it came to the need to balance the fight against inflation with the uncertain economic toll of the Russian invasion of Ukraine.

"The near-term effects on the US economy of the invasion of Ukraine, the ongoing war, the sanctions, and of events to come, remain highly uncertain," he said in his semi-annual testimony to Congress. "We will be monitoring the situation closely."

Powell's comments came a few hours after major oil exporters declined to increase output more quickly despite the Russian invasion.

The decision by Saudi Arabia, Russia and other top oil exporters lifted crude to multi-year highs, with futures for West Texas Intermediate for delivery in April jumping seven percent to $110.60.

Bjarne Schieldrop, chief commodities analyst at SEB, noted that "the global economy is facing energy starvation right now," while adding that "demand destruction will set a limit to the upside eventually," given the tightening of the physical oil market owing to sanctions towards Russia.

Other commodities also continued to rally, with European natural gas benchmarks hitting all-time highs, along with aluminum prices, amid worries over metals production from Russia.

"Supply outages from Russia are now but a question of time," said a note from Commerzbank. "Depending how long they last, they could cause turmoil on the markets –- in which case metals prices would presumably rise significantly further."

Still, solid gains by European equity bourses were followed by an upbeat US session, which saw the S&P 500 pile on nearly two percent.

"I'm not sure broader market sentiment has improved in any way since yesterday given the intensification of the invasion of Ukraine and soaring oil prices -- but equity markets are seeing some reprieve," said Craig Erlam, senior market analyst with Oanda.

In a hearing with House lawmakers, Powell said he favored a modest quarter-point increase in the benchmark borrowing rate rather than a more aggressive, half-point hike for the first step expected at the central bank's meeting later this month.

But, he said, "We will need to be nimble in responding to incoming data and the evolving outlook," and left open the possibility of bigger moves if inflation stays high.

Among individual companies, Ford jumped 8.4 percent as it announced it is creating separate businesses for its conventional and electric-auto operations, as it accelerates its build-out of emission-free vehicles.

- Key figures around 2140 GMT -

Brent North Sea crude: UP 7.6 percent at $112.93 per barrel

West Texas Intermediate: UP 7.0 percent at $110.60 per barrel

New York - Dow: UP 1.8 percent at 33,891.35 (close)

New York - S&P 500: UP 1.9 percent at 4,386.54 (close)

New York - Nasdaq: UP 1.6 percent at 13,752.02 (close)

London - FTSE 100: UP 1.4 percent at 7,429.56 (close)

Frankfurt - DAX: UP 0.7 percent at 14,000.11 (close)

Paris - CAC 40: UP 1.6 percent at 6,498.02 (close)

EURO STOXX 50: UP 1.5 percent at 3,820.59 (close)

Tokyo - Nikkei 225: DOWN 1.7 percent at 26,393.03 (close)

Hong Kong - Hang Seng Index: DOWN 1.8 percent at 22,343.92 (close)

Shanghai - Composite: DOWN 0.1 percent at 3,484.19 (close))

Euro/dollar: UP at $1.1126 from $1.1125 late Tuesday

Pound/dollar: UP at $1.3405 from $1.3325

Euro/pound: DOWN at 82.95 pence from 83.49 pence

Dollar/yen: UP at 115.51 yen from 114.92 yen

burs-jmb/cs

D.Johnson--TFWP