US markets rebounded; Bumble rocketed 42% on FY21 results; Cruise line operators rallied on oil price drop
- The Nasdaq rose 3.6% on Wednesday to close the session at 13,256 points.
- Bumble rocketed 42% on Q4 and FY21 results including revenue almost doubling.
- Cruise line operators rallied amid a sharp decline in the price of oil.
The US markets rebounded on Wednesday as oil prices dropped and the war in Ukraine continues to drive big market moves. Brent Crude oil, the international benchmark, fell 13% to US$111/barrel, its largest one-day fall since April 2020.
The Dow Jones rose 2% to finish the trading day up 654 points to close at 33,286 points.
The tech heavy NASDAQ rose 3.6% to finish the trading day up 460 points to close at 13,256 points with Google and Netflix gaining 5.18% and 4.98% respectively.
One bitcoin is worth US$41,958 going into the Asian trading day.
The Australian dollar is stronger against the major currencies and is buying 73.18 US cents.
Shares in dating app Bumble rocketed 42% on Wednesday after the company reported fourth-quarter and full-year results. For the quarter, Bumble reported a 25.7% increase in revenue to US$208.2m, Bumble App revenue increased 42.2% to US$150.5m, and net loss decreased to US$14.7m. For the year, Bumble reported revenue nearly doubled to US$532.9m and anticipates growth to continue in 2022.
Shares in cruise line stocks including Carnival, Royal Caribbean and Norwegian Cruise Line rallied on Wednesday amid the sharp drop in oil prices, easing investor fears of a rise in fuel prices leading to price increases for cruises. Carnival jumped 8.68%, Royal Caribbean lifted 5.4% and Norwegian Cruise Line rallied 8.5%.
And McDonald’s has joined the large list of companies exiting Russia, by closing 850 stores temporarily in the region amid the ongoing war between Russia and Ukraine.
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