Nasdaq Composite Index: +0.36% or +51.38 points to 13,575.82
Stocks rose Wednesday to recover from some losses earlier in the week despite surging oil prices amid further conflict between Russia and Ukraine. The Dow Jones Industrial Average surged by nearly 600 points, while the S&P 500 Index and Nasdaq Composite added about 1.9% and 1.6%, respectively.
The gains came as oil prices climbed higher, with U.S. benchmark West Texas Intermediate
Here's how the market settled on Wednesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Weekly mortgage applications fell for a fourth straight week:
U.S. mortgage applications declined for a fourth consecutive week last week, with applications for both refinances and purchases dropping compared to the same period last year as benchmark rates continue to rise.
Weekly mortgage application volume declined by 0.7% during the week ended Feb. 25, according to the Mortgage Banker Association's (MBA) report published Wednesday, following a 13.1% drop during the prior week. The firm's index tracking refinances rose by 1% compared to the previous week, but still were 56% lower compared to the same period last year, while purchases were down 9% year-over-year.
"Mortgage rates last week reached multi-year highs, putting a damper on applications activity. The 30-year fixed rate reached its highest level since 2019 at 4.15%, and the refinance share of applications dipped below 50%. Although there was an increase in government refinance applications, higher rates continue to push potential refinance borrowers out of the market," said Joel Kan, MBA's associate vice president of economic and industry forecasting, in a press statement.
"Purchase activity remained weak, but the average loan size increased again, which indicates that home-price growth remains strong, and a greater share of the activity is occuring at the higher end of the market," Kan added.
Private payrolls rose in February, adding to January's upwardly revised gains:
Private sector employment rose by a much more-than-expected rate in February, adding to January's upwardly revised payroll gains, as the labor market continues to recover despite Omicron-related disruptions.
U.S. Private Payrolls grew by 475,000 in February, according to ADP's latest report published Wednesday. January's private payrolls were upwardly revised to show a gain, rather than drop, in employment; jobs grew by 509,000 versus the decline of 301,000 previously reported.
Here's how market benchmarks started trading soon after open:
S&P 500 Index: +0.52% or +22.59 points to 4,328.85
Dow Jones Industrial Average: +0.57% or +191.00 points to 33,486.06
