US stocks extend rally even as oil climbs back above $100

By STAN CHOE and ALEX VEIGA
AP Business Writers

NEW YORK (AP) — Wall Street extended a rally into a third day on Thursday, even as oil prices jumped back above $100 per barrel. The S&P 500 climbed 1.2% after drifting between small gains and losses in the early going. The index surged more than 2% in each of the prior two days for its best back-to-back performance in nearly two years. U.S. oil leaped 8.4% to nearly $103 per barrel. Such moves have become the norm as investors struggle to handicap what will happen to the economy and inflation because of Russia’s invasion of Ukraine, higher interest rates and renewed COVID-19 worries.