Risk appetite continues to recover on Wall Street, while signs of progress in peace talks have pressured oil prices, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
Rebound on Wall Street slows
Trading in recent sessions has been mercifully free of any tariff-related ‘tape bombs’, allowing US stocks to stage a decent rebound from their lows. But the uncertainty ahead of 2 April remains. Corporate insiders have stepped up their buying, which is normally a good sign, key levels like 42,000 on the Dow have been recovered, but for many the rally still remains suspect. Perhaps a coherent plan on tariffs will emerge, but it still feels like the US administration, and markets generally, are stumbling around in the dark.
Oil prices retreat from three-week high
Oil briefly hit a multi-week high today, but reports of an agreement between Russia and the US to stop striking energy facilities meant that crude turned lower during the afternoon. Crude’s bounce from the lows of March has had the feel of a temporary relief rally, and small signs of progress in a peace deal may be just enough to tip energy prices into a fresh downward move.
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