U.S. stocks are rebounding from a seven-day decline that erased $1 trillion from equity prices and coincided with a 15% drop in West Texas Intermediate crude between Dec. 5 and Dec. 16. S&P 500 energy producers tumbled 8% over the stretch.
“The committee judges that it can be patient in beginning to normalize the stance of monetary policy,” the Federal Open Market Committee said today in a statement in Washington, removing a calendar-based phrase with language that gives it more flexibility
U.S. index futures rose, while the dollar pared gains and Treasuries trimmed losses after data showed the cost of living fell by the most in six years before the Federal Reserve’s policy decision. European stocks fell with oil and the ruble reversed a decline.
The Dow Jones Industrial Average capped the worst week since 2011, finishing with a 100-point lurch in the final half-hour of trading, as equities tumbled around the world after crude extended declines below $58 a barrel.
U.S. stock futures dropped, signaling equities will extend their worst loss in six weeks, as global shares slid after China tightened lending rules and concern grew that early Greek elections could trigger political turmoil.
With valuations at a decade low, oil executives such as Rochford and Chesapeake Energy Corp.’s Archie Dunham are driving the biggest wave of insider buying since 2012, data compiled by the Washington Service and Bloomberg show. They’re snapping up stocks after more than $300 billion was erased from share values as crude slipped below $70 for the first time since 2010.