The US stock market gained as traders took in new economic indicators.
US economic growth is expected to weaken further over the next year, while inflation is showing signs of cooling off, according to the Federal Reserve. Lael Brainard said the central bank will fight inflation for as long as it takes.
An article in the Wall Street Journal said that a 75-basis-point rate hike was possible in September. It would be the third straight increase.
The market closed at 4:00pm on Wednesday.
According to El-Erian, US stocks are going to beat their global peers in the future. The West is set to suffer a bit in the next couple of years, but overall is in a good place to consolidate gains.
Retail investors will not be allowed to buy foreign securities from unfriendly countries. According to the Bank of Russia, more than five million investors had their holdings in foreign securities frozen.
The price of natural gas could go up even more as European and Asian suppliers try to charter tanker ships.
Ed Morse, Citigroup's global head of commodities, said that Russia may have to sell natural gas to Europe as alternative markets may not suffice. It would be a way for Moscow to make more money.
Europe would be plunged into a "multi-Winter" crisis if a total Russian gas shut-off were to happen.
China's foreign exchange reserves have fallen to their lowest level in more than a year. The data from the People's Bank of China shows that China's reserves fell by almost 50 billion dollars at the end of August.
The price of oil fell with West Texas Intermediate down by more than 5%. The international benchmark fell to $88.17 a barrels.
The price of gold was $1,728.90 per ounce. The yield on the 10-year bond fell to 3.26%.
The price of the digital currency rose 1 percent to $19,053.45.
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