Download
Wall Street closes higher despite rebound in oil prices
CGTN
Traders work on the floor of the New York Stock Exchange in New York City, March 16, 2022. /CFP

Traders work on the floor of the New York Stock Exchange in New York City, March 16, 2022. /CFP

All three of Wall Street's major indexes advanced by more than 1 percent on Thursday despite a jump in oil prices as markets monitored developments in Ukraine and digested monetary tightening moves by central banks.  

The S&P 500, the Dow Jones Industrial Average and the Nasdaq registered their biggest 3-session percentage gain since early November 2020. 

The Dow Jones Industrial Average finished up 1.2 percent at 34,480.76, the broad-based S&P 500 also climbed 1.2 percent to 4,411.67, while the tech-rich Nasdaq Composite Index advanced 1.3 percent to 13,614.78. 

The energy sector was the biggest percentage gainer among the S&P's 11 major industry sectors, ending up 3.5 percent as oil prices rose 8 percent as the crude market rebounded from several days of losses with a renewed focus on supply shortages in coming weeks due to sanctions on Russia.

Higher oil prices usually weigh on the broader equity market, but stocks continued to benefit from positive momentum, analysts said.

The Bank of England hiked its main interest rate to its pre-pandemic level of 0.75 percent, the third increase in a row.

The move comes a day after the Federal Reserve announced its first interest rate hike since 2018 in a bid to counter runaway inflation.  

(With input from agencies)

Search Trends