Market Watch: Oil & Markets Rebound

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Another increase in the price of oil helped the market rebound from yesterday’s losses. Oil recovered from a sharp overnight decline to settle up 28 cents, or 0.88 percent, at $32.15 a barrel.

Compounding global economic concerns, however is the fact that the British pound is feeling pressure over whether the nation should remain in the European Union. The British currency is hovering at seven year lows against the dollar as investors try to hedge bets ahead of the upcoming vote on whether Britain should remain in the European Union. The currency fell to $1.3987, the lowest level since March 2009. The pound first began to drop after London Mayor Boris Johnson announced over the weekend that he would join the campaign to leave the EU.

Meantime, Voya Investment Management‘s Karyn Cavanaugh says the market won’t bottom-out until professional fund managers begin under-weighting stocks.

Watch below.

Here are the final numbers from Wednesday, 2/24/16 on Wall Street

Dow Jones Industrial Average: 16,484.99 (+53.21 / +0.32 %)

NASDAQ: 4,542.61  (+39.02 / +0.87 %)

S&P 500: 1,929.80  (+8.53 / +0.44 %)

Phil Cannella

Phil Cannella

As a partner with CBS Radio in Philadelphia, Phil Cannella reports on the issues most important to the American retiree.
Phil Cannella

@phillipcannella

Phil Cannella a revolutionary thinker. Phil Cannella's cause is the Phil Cannella Crash Proof Retirement system. Phil Cannella has worked for decades.
Get the truth on how Wall Sts stacked against you, on The @CrashProofShow Sat at 10 AM on @1290wjno in FL, and 11 AM on @TalkRadio1210 in PA - 1 year ago
Phil Cannella
Phil Cannella

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