Morning Report 10 Mar 22: Global stocks surge as oil prices retreat

US sharemarkets rose on Wednesday, with sentiment lifted by a pullback in oil prices. Investors scooped up beaten down stocks. Megacap growth stocks led gains with Netflix (+5%), Microsoft (+4.6%) and Tesla (+4.2%) shares all higher. General Electric shares rose 3.5% as the company authorised a US$3 billion share buyback program. Shares of Bank of America jumped 6.4% with Salesforce.com shares up 5.8%. The Dow Jones index closed up by 654 points or 2% after being up 825 points at session highs. The S&P 500 index lifted 2.6%, posting its best day since June 2020. And the Nasdaq index added 460 points or 3.6%, its best trading session since November 2020.

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