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16 Sept 2021
U.S Stocks Regain Footing After Three Weeks as Oil Jumps
The Index Today
U.S stocks saw a slight rise after almost three weeks of a slowdown which affected investor sentiment. S&P 500 went up 0.9% for the second time in eight trading sessions due to growing energy shares.
Nasdaq 100 increased for the first time in over a week. S&P 500 suffered a series of low in September after recording a 20% surge in earlier months of the year. The drop was seen as the risk of stimulus pullback and Delta variant started to weigh down economic recovery.
Mike Bailey, director of research at FBB Capital Partners stated, “In this case, investors might be chasing economic breadcrumbs like Hansel and Gretel. Investors are showing their growing enthusiasm every step of the way as we inch towards a full economic recovery.”
According to data released by Frank Cappelleri at Instinet LLC, composite volume has surpassed 10 billion shares across all exchanges for the third straight day, making it the longest streak since June.
Oil grows steadily after a massive decline in crude stockpiles was reported by the U.S Government, signaling a tightening market. Bent Crude oil went up from $75 a barrel for the first time since August. The release of the US CPI data may be seen as reducing pressure on the Fed to pull back on monetary policy.