When oil, not tech, is fuelling stock rises

For much of the past year, the rising price of oil has outpaced the value of businesses based on silicon chips. PHOTO: REUTERS
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(NYTIMES) - It is no secret that the stock market has been rocky since the start of the year. Tech giants such as Apple, Microsoft, Google and Amazon have been no help at all. Their shares have all had double-digit percentage declines.

So far in 2022, the S&P 500 is down more than 12 per cent, and it briefly dipped more than 20 per cent below its peak, putting stocks in bear market territory.

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