Stocks gain as CoreWeave eases worries; dollar strengthens
SPY•Major stock indexes rose as CoreWeave shares jumped 23% after the company said it expected to become profitable in 2028. The dollar strengthened on expectations of a Federal Reserve rate hike next month, while oil prices climbed.
1. Stocks rise on tech gains
Major U.S. stock indexes rose on Wednesday, led by technology shares, after CoreWeave said it expected to become profitable in 2028. CoreWeave shares gained 23%, while Nvidia rose about 4%. The Nasdaq added 1.66%, the S&P 500 gained 1.12% and the Dow rose 0.03%.
2. Dollar strengthens
The dollar index rose 0.64% to 102.86 after hotter-than-expected U.S. inflation data and hawkish comments from Federal Reserve officials reinforced expectations of a rate hike next month. Traders saw a rate hike as certain, with an 11.5% chance of a half-percentage-point increase.
3. Oil prices jump
U.S. crude rose 2.39% to $88.08 a barrel, and Brent gained 2.68% to $93.94. The U.S. Treasury market was closed for the Veterans Day holiday.
