By Sinéad Carew
NEW YORK (Reuters) – MSCI’s global stock index rose on Thursday, recouping some losses from the previous session’s late-session sell-off, while oil prices fell and the dollar was lower on the eve of a key U.S. inflation reading.
Oil prices, which rallied earlier in the week due to concerns about shipping disruption in the Red Sea, fell after Angola announced it is leaving the Organization of the Petroleum Exporting Countries (OPEC).
On Wednesday, Wall Street suffered its biggest drop since September, and analysts cited hedging activity associated with trading in short-dated options.
“Today’s market is trying to recover. This has been the hallmark of the latest phase in the market,” said Quincy Krosby, chief global strategist, LPL Financial in Charlotte, NC.
“We’ve seen the fear of missing out has been powerful. We’ve institutional money managers who have to catch up if they’ve been behind competitors.”
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