Oil prices jump, Dow drops more than 1,100 as sinking AI stocks drag Wall Street lower

Oil prices got back to jumping on Wednesday, while sinking technology stocks dragged Wall Street lower amid uncertainty about what the Federal Reserve will do to get high inflation under control. The S&P 500 fell 1.5 per cent after swinging sharply between gains and losses in the last hour of trading. The Dow Jones Industrial Average dropped 1,153 points, or 2.2 per cent, and the Nasdaq composite slumped 1.7 per cent to fall 9.8 per cent below its record set last month.