Dow jumps 344 points as investors digest wave of corporate earnings

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Investors have to brace for more market volatility thanks to the new Omicron variant.Xinhua News Agency/Getty Images

  • US stocks climbed Wednesday to snap a losing streak as investors digested the first batch of earnings.

  • St. Louis Fed President James Bullard said the central bank is going to have curb economic activity to combat soaring inflation.

  • President Putin told top officials that Russia will seek new buyers for its energy exports.

Stocks climbed Wednesday. The Dow added 350 points, and the Nasdaq jumped 2% as investors took in the first wave of first-quarter corporate earnings.

The rebound across indexes breaks a three-session losing streak for stocks, with equities falling in Tuesday’s session after Consumer Price Index data showed year-over-year inflation surging 8.5% in March, the fastest jump since 1981.

Elsewhere, a new survey found that President Biden’s approval rating hit a new low as the public grows increasingly pessimistic over the state of the economy.

Here’s where US indexes stood as the market closed 4:00 p.m. on Wednesday:

St. Louis Fed President James Bullard said the central bank is going to have to curb economic activity to bring down soaring inflation, and that the ability for neutral interest rates to cool scorching prices is “fantasy” thinking.

Fundstrat said that selling pressure in the stock market could ease next week once investors finish off paying their taxes on big 2021 gains. On the other hand, billionaire investor Marc Lasry predicts a tough few months for stocks and the economy as investors face a slate of near-term challenges.

The US sentenced a crypto expert to five years in prison after he gave a blockchain presentation in North Korea.

Meanwhile, President Putin told top officials that Russia will seek out new buyers for its energy exports, as some markets self-sanction and slow purchases.

Oil inched higher, with West Texas Intermediate up 3.57% to $104.10 a barrel. Brent crude, the international benchmark, rose 3.88% to $108.70 a barrel.

Gold edged up 0.15% to 1,979.00 per ounce. The 10-year yield slipped 0.032% to 2.697%.

Bitcoin dropped 4.28% to $41.183.

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