Stocks were overall lower in intraday trading on Thursday, March 25.
And, TheStreet's Joseph Woelfel noted that oil prices in the U.S. declined nearly 5% following a rally sparked by a container ship blocking the Suez Canal and creating a bottleneck that could slow the delivery of more than 13 million barrels of crude through one of the world's busiest waterways. Efforts were underway to free the massive container vessel that has caused a backlog of ships for a third day.
Federal Reserve chairman Jerome Powell said that the central bank will gradually begin pulling back its support that the U.S. economy is currently receiving once the Reserve is satisfied that the goals it set on inflation and employment were met.
"Over time, we will, as the economy recovers and we've provided guidance to the public about this, as we make substantial further progress toward our goals, will gradually roll back the amount of Treasury and mortgage-backed securities we're buying," Powell told NPR’s “Morning Edition” on Thursday.
Recap TheStreet Live: Everything Jim Cramer Is Watching Thursday