NEW YORK: Wall Street slumped on Thursday and global stock markets declined after U.S. Federal Reserve Chair Jerome Powell repeated his pledge to keep credit flowing until Americans are back to work, rebutting investors who have openly doubted he can stick to that promise once the pandemic passes.
Benchmarket U.S. Treasury yields rose toward last week's highs as Powell spoke, and the dollar hit a three-month high.
Oil prices spiked to their highest in over a year as OPEC and its allies agreed to extend most oil output cuts into April, after deciding that the demand recovery from the pandemic remained fragile.
...