Wall Street advances after Biden-Xi talks end, oil steadies
Investors were also eying slowing gains in oil prices as they continued to digest the Federal Reserve's Wednesday interest rate increase and its aggressive plan for further hikes aimed at combating soaring inflation.U.S. President Joe Biden warned Chinese leader Xi Jinping during a call that there would be "consequences" if Beijing gave material support to Russia's invasion of Ukraine, the White House said. Both sides stressed the need for a diplomatic solution to the crisis.
"Regarding Russia, Ukraine, the market has been more positive on news from the diplomatic front than negative on the escalation.""Instead of having fears and trepidation of what the Fed might do we have clear roadmap for monetary policy," Hogan said. In addition to less onerous than expected Fed actions, Steve Sosnick, chief strategist at Interactive Brokers in Greenwich, Connecticut said investors were reassured that U.S. crude oil prices weren't too far above $100 on Friday after recently surpassing $130.
"At least for this week oil has found a level. That's someway positive for the market as a rising oil price is overweighted in consumer minds as an inflationary indicator," said Sosnick. "Does the market like oil around $100? No. But is it happier that it's around $100 than going up $20 every day? Of course."
Investors were also monitoring for any impact from Friday's "triple witching," in which investors unwind positions in futures and options contracts before they expire, which can lead to volatility and higher volume of trades.
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