Stocks jump, oil drops in latest dizzying swing for markets
CBSN
Stocks rallied and oil prices fell sharply Wednesday as the big swings shaking global markets go in both directions amid uncertainty about the war in Ukraine.
The Dow Jones Industrial Average gained 654 points, or 2%, to close at 33,286. The S&P 500 rose 3.6%, ending a four-day losing streak, and the tech-heavy Nasdaq composite added 3.6%. Such big swings have been jerking markets around in recent weeks as investors try to assess how much economic damage Russia's invasion of Ukraine will do. That volatility has struck not only day-to-day but also hour-to-hour, with some days seeing several big reversals.
The chaotic movements are likely only to continue with uncertainty so high about the war in Ukraine and its ultimate economic fallout. The region is key to markets because it's a major producer of oil, wheat and other commodities, whose prices have spiked on worries about disruptions to supplies.
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