OXY - Midday Market Update: Why Are Stocks Up Today?
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
The stock market is up slightly today and we’re going over what’s happening in our midday market update for Thursday!
First off, note that the stock market has been volatile today. We initially saw many of the major indexes, such as the Nasdaq Composite, Dow Jones Industrial Average, and the S&P 500, start off down this morning. However, these later rise higher before another fall. Now, each of them are up slightly compared to yesterday’s close.
So what could be moving the stock market today? The Federal Reserve is one of the biggest factors behind stocks on the move today. Late yesterday it announced a .25% increase in interest rates. This is part of the Fed’s plan to combat rising prices from inflation.
Rising interest rates affect the stock market as various companies react differently to them. That includes it being beneficial for financial stocks, but not sitting well with investors in growth stocks.
It’s also worth noting that oil stocks are doing incredibly well today. That comes as oil prices are on the rise after recent weakness sent it into a bear market. As of this writing, the price of crude oil is up 7.7%.
Of course, there’s plenty of other stock market news that traders are going to want to know about for Thursday outside of our midday update!
Luckily for them, InvestorPlace has all the answers with our in-depth coverage of the stock market today! A few examples worth checking out include what the Federal Reserve interest rate hike is all about, Occidental Petroleum (NYSE:OXY) stock is rising, as well as the news boosting TD Holdings (NASDAQ:GLG) stock today. You can find out all about these matters by looking in on the links below!
More Stock Market News for Thursday
- What Is a Fed Rate Hike?
- Why Is OXY Stock Up Today? Does Warren Buffett’s Berkshire Want to Buy Occidental Petroleum?
- GLG Stock: Why Is TD Holdings Up 60%+ Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
More From InvestorPlace
- Get in Now on Tiny $3 ‘Forever Battery’ Stock
- It doesn’t matter if you have $500 in savings or $5 million. Do this now.
- Stock Prodigy Who Found NIO at $2… Says Buy THIS
- Early Bitcoin Millionaire Reveals His Next Big Crypto Trade “On Air”
The post Midday Market Update: Why Are Stocks Up Today? appeared first on InvestorPlace.