Live updates on stock market news: Stocks continue to rise for third day, oil rises

US stocks rose on Friday as did Wall Street looked to click three week losing streak.

The S&P 500 jumped 1.2%, based on consecutive sessions of gains, while the Dow Jones Industrial Average jumped 300 points, or about 0.9%. Technology stocks lead the way, with the Nasdaq Composite up 1.7%.

Oil continued its volatile run as prices resumed their gains on Friday morning. West Texas Intermediate (WTI) and Brent crude futures rose 2.8 percent to $85.88 a barrel and $91.66 a barrel, respectively.

IN sharp warning to the West on FridayRussia has said efforts to place price caps on the country’s oil and gas exports while sanctioning Russia for its war in Ukraine will fail and “lead to a slippery floor under its own feet.”

Meanwhile, in the cryptocurrency markets Bitcoin (BTC-USD) climbed above $21,000, just one day after sliding below $19,000. The coin’s rally supported shares of crypto stocks, including Coinbaise (COIN) — more than 6% — and MicroStrategy (MSTR) — a climb of more than 7%.

Investors continued to weigh in on remarks made by Federal Reserve Chairman Powell at the Cato Institute’s 40th Annual Monetary Conference in Washington on Thursday.

“The Fed has and accepts responsibility for price stability,” Powell said, reaffirming the U.S. central bank’s commitment to taming inflation. “We need to act right now – frankly, decisively.”

Wall Street expects with growing certainty that Fed officials will deliver a third straight rate hike of 0.75% later this month, as a wave of institutions raise expectations for the scale of the Fed’s key rate hikes.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., September 7, 2022. REUTERS/Brendan McDermid

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., September 7, 2022. REUTERS/Brendan McDermid

Bank of America, Goldman Sachs and Nomura raised their year-end forecasts.

“In our view, unchanged guidance on when the pace of rate hikes may slow suggests that Chairman Powell and the Fed are comfortable with current market rates,” BofA economists said.

Elsewhere in the markets, shares of DocuSign (DOCU) rose 10% after the company reported better-than-expected second-quarter earnings late Thursday and raised its subscription revenue guidance for the year.

Zumiez (ZUMZ) shares sank more than 3% after the retailer posted disappointing second-quarter results and revised down its third-quarter sales guidance. CEO Rick Brooks said “inflation is weighing on consumer discretionary spending,” putting pressure on the company’s U.S. business.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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