Oil Price Dip Below $100 Rescues US Equity Markets From Inflation Fears
US stock indices rose after oil prices fell below $100 per barrel, easing investor fears regarding global inflation. The recovery followed a period of volatility where tension in the Middle East near the Strait of Hormuz pushed oil prices above $100 per barrel. The Nasdaq Composite closed at 23,183, gaining 1.2 percent. The S&P 500 closed near 6,886, rising about 1 percent. The Dow Jones Industrial Average closed near 48,218, gaining 0.6 percent.
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