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.
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 %)