Stocks slip on Wall Street as oil and inflation worries rise

Stocks slip on Wall Street as oil and inflation worries rise

The S&P 500 slipped 0.8% in early trading, on pace for its fifth drop in the last six days

By AP Published: Thu 10 Mar 2022, 7:19 PM

Back down go stocks, and back up goes oil as Wall Street’s roller-coaster ride continued Thursday amid uncertainty about where inflation, interest rates and the global economy are heading.

The S&P 500 slipped 0.8% in early trading, on pace for its fifth drop in the last six days. It’s another sharp reversal for U.S. stocks, which just a day earlier surged to their biggest gain since June 2020 when a tumble for oil prices seemed to take pressure off the world’s already high inflation.

But oil prices rose roughly 2% Thursday to recover some of their steep slide, just as waves of other reports buffeted markets. The European Central Bank said high inflation will push it to wrap up its bond-buying program meant to boost its economy faster than expected.

In the U.S., a report showed that consumer prices leaped 7.9% in February from a year earlier. It’s the sharpest spike since 1982, though the reading was largely within expectations.

Altogether, the forces caused a swift reversal in the market’s moves from a day before.

The Dow Jones Industrial