All good things must come to an end, including the stock market’s . The S&P 500 and Nasdaq today snapped their best win streaks in about two years, which reached eight straight positive sessions for the former, and nine for the latter. The Dow shed 220 points, meanwhile, after yesterday putting an end to its own string of wins.Remarks from Federal Reserve Chairman Jerome Powell weighed on the market, after he demonstrated uncertainty over whether or not the central bank has done enough to contain inflation, with rising Treasury yields adding insult to injury. Elsewhere, the Cboe Volatility Index () snapped an eight-day skid — its longest losing streak since 2015.
GOLD PRICES RISE AS U.S. DOLLAR WEAKENS
Oil prices edged higher on Thursday, as concerns surrounding supply and a potential global recession eased. December-dated West Texas Intermediate (WTI) crude added 41 cents, or 0.5%, to close at $75.74 a barrel.Gold prices also rose, as the U.S. dollar weakened and Powel’s speech fanned interest rate hike fears. December-dated gold added $6.90, or 0.4%, to close at $1,965.40 an ounce for the day.More By This Author:
Inflation Remarks Finish Off Market Rally
