- US stocks advanced Wednesday as prices for oil and other commodities take a breather from recent price surges.
- The S&P 500 could see its first win after losing ground for four straight sessions.
- Bitcoin has pushed past $40,000.
US stocks rose Wednesday, with equities finding some relief as prices for oil that recently have been propelled higher on the back of Russia's invasion of Ukraine oil prices moved lower.
The S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite looked set to break a string of four consecutive losses. The indexes advanced as Brent crude and WTI crude oil prices fell after the International Energy Agency said it will release more oil from stocks to ease surging fuel prices.
Here's where US indexes stood at 9:30 a.m. on Wednesday:
- S&P 500: 4,253.20, up 1.98%
- Dow Jones Industrial Average: 33,232.55, up 1.84% (599.91 points)
- Nasdaq Composite: 13,076.68, up 2.20%
Brent and WTI crude prices lost ground Wednesday alongside other commodities such as wheat and natural gas that have jumped on concerns about supply shortages from Russia, a major producer of natural resources. Oil price gains have contributed to the S&P 500 Energy Index rising nearly 40% this year, the only sector of the index's 11 groups to see gains in 2022.
Russian President Vladimir Putin signed an order banning and restricting some exports and imports after the Biden administration banned Russian imports of energy products.
Bitcoin rose above $40,000 as US Treasury Secretary Janet Yellen accidentally revealed details of President Biden's impending crypto order.
Fitch Ratings is anticipating an "imminent" Russian default, it said as it cut the country's credit rating for the second time in seven days.
Oil prices dropped. West Texas Intermediate crude fell 3.4% fell to $119.46 per barrel. Brent crude, the international benchmark, declined 3% to $124.01.
Gold declined 0.8% to $2,027 per ounce. The 10-year Treasury yield rose one basis point to 1.9%.
Bitcoin gained 8% to $41,930.39
