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.
People who are listed as over 100 years old in the Social Security system are "not necessarily receiving benefits," the new head of the agency said Wednesday, contradicting claims that tens of millions of dead people over that age are receiving checks.
At least two people have died after two small planes crashed midair Wednesday in Arizona, officials said.
Delta Air Lines says it is offering $30,000 to passengers who were aboard a flight from Minneapolis that crashed and flipped upside down while landing in Toronto on Monday.
Over 3,500 Internal Revenue Service employees are expected to be terminated by the end of this week, according to the text of an email obtained by CBS News and shared by an IRS employee.
Andrew Lester, the 86-year-old Missouri man who pleaded guilty to a lesser charge in the 2023 shooting of a Black honor student who rang the White man's doorbell in Kansas City by mistake, has died, prosecutors announced Wednesday.
Some lots of raw pet food sold in two states are being recalled after two indoor cats became ill with bird flu earlier this month and were euthanized due to the severity of their illnesses.
Washington — President Trump will speak at an investment conference in Miami sponsored by Saudi government entities on Wednesday, an address that comes as the Trump Organization seeks to expand its real estate empire in Saudi Arabia and the president looks to strengthen ties with the Middle East partner.
Washington — President Trump attacked Ukrainian President Volodymyr Zelenskyy as a "dictator without elections," echoing rhetoric from the Kremlin about the war in Ukraine and escalating a public feud between the two leaders.
Kentucky Fried Chicken is leaving its roots behind, so to speak, with the infamous brand set to follow in the recent wake of a handful of companies relocating to Texas.
A suspect has been arrested 36 years after a mother of five was found dead in northern Michigan, authorities announced Tuesday.
Divers in Poland discovered more than 220 pounds of cocaine on the bottom of the Baltic Sea, the nation's border guard said on Tuesday, marking the latest unusual location that drugs have been found in Europe.
Troubled electric vehicle maker Nikola has filed for Chapter 11 bankruptcy protection months after saying that it would likely run out of cash early this year.
Washington — President Trump endorsed House Republicans' budget proposal that would enact trillions of dollars in spending and tax cuts in a single bill, saying on Wednesday that he prefers that approach over the Senate's competing two-bill plan.