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Oil tops $110 a barrel, stocks rise after Powell comments

New York Stock Exchange in January 2022
Posted at 11:11 AM, Mar 02, 2022
and last updated 2022-03-02 11:11:53-05

NEW YORK (AP) — Oil prices kept surging Wednesday and topped $110 per barrel as Russia’s war continues against Ukraine, but stocks and other markets were showing less fear than a day earlier.

The S&P 500 was 1% higher in morning trading, while Treasury yields jumped to recover a sliver of their steep losses from the past week.

Fed Chair Jerome Powell told Congress he would support raising interest rates by a quarter of a percentage point this month.

That would be the first increase since 2018, but it would also be more modest than some investors along Wall Street had been fearing.