NEW YORK (AP) — Stocks had their biggest jump since June 2020 Wednesday as a sharp drop in oil prices eased fears that inflation was about to get worse around the globe.
The rally broke a four-day losing streak for stocks, but it wasn't enough to erase their losses for the week.
The price of U.S. crude oil dropped 12%, the most since November, bringing relief after a sharp runup in crude prices since Russia invaded Ukraine.
Big swings have been jerking markets around in recent weeks as investors try to guess how much damage the war will do to the global economy.
The Dow ended the day up 653 points. The Nasdaq saw a 460 point increase and the S&P was up 107 points on Wednesday.
