NEW YORK (dpa-AFX) – US equity markets recovered much of their clear early losses during trading on Wednesday. The rebound was led by a rally in oil stocks, which benefited from a production cut agreed by the oil alliance Opec +.
The Dow Jones Industrial was last listed less than 0.21% at 30,251.17 points. The market-wide S&P 500 fell 0.82% to 3759.99 points. The Nasdaq 100 technology index lost 0.46% to 11,528.81 points.
In the first two trading days of October, the major indices had already recovered more than five percent after hitting two-year lows. Hopes for a looser monetary policy from the US Federal Reserve proved to be a driver of prices after economic data turned out to be a little weaker than expected.
News from employment agency ADP that the US private sector had created more jobs than expected in September left investors largely cold. The ADP figures are considered a marker for the US government’s monthly employment report due Friday. In August, the US foreign trade deficit narrowed for the fifth consecutive month to its lowest level since May 2021. Sentiment in the US services sector, as measured by the Institute’s Purchasing Managers’ Index (ISM) for Supply Management, it deteriorated less than expected in September.
The Opec + organization is reducing its oil production. From November onwards, the association of 23 countries will produce two million barrels (159 liters each) less per day. It is the largest production cut in a long time. The move is intended to at least stabilize the price of oil, which has recently fallen by as much as 30%. Oil prices rose significantly after the decision.
As a result, Chevron shares were among the Dow’s highest values with a plus of 0.9%. ConocoPhillips also rose 0.9%, while ExxonMobil, the best-performing S&P 100 index, gained 4.6%.
Shares of the Twitter short messaging service fell by 0.5% in price. Yesterday, however, they had risen a whopping 22% after tech billionaire and Tesla boss Elon Musk surprisingly gave up his resistance to the agreed takeover. Tesla shares fell 4.1%, taking the S&P 100./edh/he index to the bottom
