Shares on Wall Street were rebounding from Tuesday’s drops as investors awaited a decision on interest rates by the Federal Reserve, which is expected to keep its key interest rate unchanged, according to the Associated Press.
Oil prices continued to fluctuate as the conflict in the Middle East intensified. U.S. benchmark crude oil fell 84 cents to $72.43 per barrel. Brent crude, the international standard, lost 86 cents to $75.59 per barrel.
On Tuesday, U.S. stocks slumped under the weight of higher oil prices and weaker-than-expected retail sales in May.
Solar stocks tumbled on the possibility that Congress may phase out tax credits for solar, wind and other energy sources that produce fewer emissions that change the Earth’s climate.
Enphase Energy dropped 24% and First Solar fell 17.9%.
Treasury yields fell after a report said shoppers spent less last month at U.S. retailers than the month before.
Verve Therapeutics soared 81.5% after Eli Lilly said it would buy the company developing genetic medicines for cardiovascular disease in a $1 billion deal that could be worth up to $1.3 billion if certain conditions are met. Lilly’s stock fell 2%.
In currency trading Wednesday, the U.S. dollar fell to 144.97 Japanese yen from 145.29 yen.
