Wall Street Surges in Broad Rally as Oil Prices Slide; Fed in Focus

Wall Street Surges in Broad Rally as Oil Prices Slide; Fed in Focus
Traders work on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York, on March 7, 2022. Andrew Kelly/Reuters
Reuters
Updated:

Wall Street’s main indexes climbed on Tuesday as oil prices extended declines and data showed a softer-than-expected rise in producer prices, with investors remaining focused on the outcome of the Federal Reserve’s two-day policy meeting.

Brent crude fell back below $100 a barrel after scaling as much as $139 last week, providing some relief for U.S. stocks that have had a wild ride so far this year on worries about surging inflation and the Fed’s moves to combat it.