US stocks drift, oil slides as Fed begins meeting
The Dow Jones Industrial Average gained over 200 points or 0.6% while the S&P 500 rose 0.8% and the Nasdaq Composite 1.2%. The Fed faces the challenge of raising rates just quickly and high enough to bat down inflation without overdoing it and causing a recession.
Crude's slide continued Tuesday with U.S. oil hitting $94 per barrel and Brent, the global benchmark, hovering around $98. Gold also retreated to the $1,928 level.
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