Oil, Gold Soar/US Stocks Fall – Post Today Financial News – Stocks

Oil, gold closed higher/US stocks fell

Date 07 May 2022 at 06:51 a.m.

Dow Jones Industrial Average closed down 98.60 points on fears the Fed raised interest rates again. Oil prices rose $1.51, while gold rose $7.1.

The Dow Jones Industrial Average closed at 32,899.37, down 98.60, or -0.30%, the S&P 500 closed at 4,123.34, down 23.53, or -0.57%, and the Nasdaq closed at 12,144.66, down 173.03, or -1.40% because investors are worried The Federal Reserve (Fed) will need to raise interest rates again to curb inflation.

West Texas Crude Oil Contract Intermedia or light sweets Due for delivery in June It was up $1.51, or 1.4%, at $109.77/barrel. Brent crude oil contract (BRENT) for delivery in July. It was up $1.49, or 1.3%, to close at $112.39 a barrel. Oil prices rose for the second week in a row as the European Union’s (EU) preparations for Russian oil sanctions have increased the outlook for tight oil supplies.

Comex gold price for delivery month June was up $7.1, or 0.38%, at $1,882.8 an ounce. but dropped about 0.5% this week.

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