U.S. stocks rebounded with big gains Wednesday as oil posted its biggest one day percentage drop since November of last year.
All three of the major averages notched the first gain in five days with the Dow Jones Industrial Average rising 652 points or 2% while the S&P 500 and Nasdaq Composite rose 2.6% and 3.6%, respectively.
|I:DJI||DOW JONES AVERAGES||31097.26||+321.83||+1.05%|
|I:COMP||NASDAQ COMPOSITE INDEX||11127.845123||+99.11||+0.90%|
U.S. West Texas Intermediate fell to $108.70 per barrel, the 12% drop was the biggest percentage drop since November 2021. Brent fell 13% to $111.14, the percentage slide since April of 2020.
Still, gas prices climbed with the national average now at $4.25 per gallon, per AAA.
Gold also fell back below the $2,000 level.
|GLD||SPDR GOLD SHARES TRUST - EUR ACC||168.32||-0.14||-0.08%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||33.34||+0.60||+1.83%|
|USO||UNITED STATES OIL FUND L.P.||81.67||+1.32||+1.64%|
|UGA||UNITED STATES GASOLINE FUND LP PARTNERSHIP UNITS||70.26||+2.44||+3.60%|
In stock news, Campbell Soup reported weaker-than-expected revenues of $2.2 billion blaming the supply chain crisis for the miss.
"As expected, our second quarter was challenging as we lapped a difficult comparison and navigated labor and supply constraints, made even tougher by the Omicron surge…" said Mark Clouse, Campbell’s president and CEO.
|CPB||CAMPBELL SOUP CO.||48.49||+0.44||+0.92%|
Qualcomm lifted its dividend by 10% to $0.75.
StichFix shares sank after forecasting revenues may be as high as $500 million less than the $560 million Wall Street was expecting.
|SFIX||STITCH FIX INC.||4.90||-0.04||-0.81%|
Philip Morris became the latest company to suspend business in Russia, joining Starbucks, Amazon, Coke, Pepsi and McDonald's.
|PM||PHILIP MORRIS INTERNATIONAL INC.||99.72||+0.98||+0.99%|
|KO||THE COCA-COLA CO.||64.38||+1.47||+2.34%|
The DOE’s Energy Information Administration reported Crude stockpiles fell by 1.86 million, larger than expected. In economic data, U.S. Job Openings hit a new record with 11.3 million positions open, the pace of quitting eased slightly by 2.8%.
Bitcoin traded around $42,000. President Biden is expected to sign an executive order on Wednesday outlining a strategy for cryptocurrencies.
FOX Business' Ken Martin and The Associated Press contributed to this report.