Some relief could be on the way from those high gas prices, while a ‘housing bubble’ may be right around the corner.
President Biden says he plans to release a million barrels of oil per day from the nation’s strategic petroleum reserves.
As for the markets, all three indexes were down around 1.5%.
The Dow fell 550 points to 34,678
The Nasdaq dropped 221
The S&P was down 72.
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The price of oil fell $7 at the closing bell, down 7% to around $100 / barrel. President Biden says there’s no firm answer on when gas prices will go down, but he says they’ll go down fairly significantly based on the release of oil.
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As the prices of gas and food soar, a key inflation gauge just set a 40-year high. The Commerce Department says the figure jumped 6.4% in February year over year. That’s the largest rise since January of 1982.
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And is a housing bubble around the corner? US home prices have soared and are climbing faster than market forces would indicate, says one economist. FOMO, or fear of missing out, has people buying now, thinking prices are only going up.
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From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.