All three Wall Street benchmarks advanced on Tuesday and the energy index closed at a multi-year high, although seesaw trading reflected investor uncertainty about how to play the current market. Recent sessions have been choppy, as the prospect of an aggressive rate-hike campaign by the U.S. Federal Reserve looms large and investors seek to position themselves accordingly—a task not made easy by lingering pandemic influences on the economy and geopolitical tension in Europe. But despite losing 5.3 percent and 3.3 percent in January respectively, the S&P 500 and the Dow have now recorded three straight days of gains, with the Nasdaq—which dropped 8.99 percent in the first month of 2022—posting four positive sessions in the last five. It did not look like that would happen earlier in the session, when all three benchmarks traded lower in the wake of data from the Labor Department and the ISM’s purchasing managers’ index …
Wall Street Posts Gains After Choppy Session, Energy Index Hits Multi-Year Peak
February 1, 2022
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