December 14, 2017
Thursday, January 14, 2016

Wall Street rallies as oil prices rebound

US stocks rallied strongly on Thursday, with the S&P 500 crossing a key technical level, as a rebound in oil prices boosted energy companies.

All 10 major S&P sectors were higher. The energy sector's 3.6-percent rise, their best performance in three weeks, led the gainers as U.S. crude prices rose more than 2.5 percent.

Exxon and Chevron were up about 1 percent, giving the biggest boosts to the S&P 500 and the Dow.

"We've been looking for some sort of bounce for a while now," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

"Normally, when you have increased volatility, you get some upside as well."

The market has made multiple attempts at rallies this year, but they have fallen flat over worries about China's economy, plunging oil prices and fresh global political concerns.

At 12:35 a.m. ET (1735 GMT) the Dow Jones industrial average was up 211.89 points, or 1.31 percent, at 16,363.3. The S&P 500 was up 25.18 points, or 1.33 percent, at 1,915.46 and the Nasdaq Composite index was up 61.18 points, or 1.35 percent, at 4,587.25.

European equities slumped to a 13-month trough with the automobile sector leading the market lower as Renault tumbled following inspections at three of its sites in an emissions probe.

The pan-European FTSEurofirst 300 index ended 1.5 percent weaker at 1,334.36 points after falling as far as 1,309.74, its lowest level since December 2014.

Japanese stocks fell, giving up most of the previous day's gains as weak oil prices fanned fears about a slowdown in the global economy.

The Nikkei share average slid 2.7 percent to 17,240.95 for its lowest closing in 3-1/2 months. The benchmark index recovered slightly after a midday foray below 17,000 points, but still gave up most of Wednesday's 2.9 percent gain.

The broader Topix shed 2.5 percent to end the day at 1,406.55 with all of its 33 subindexes in negative territory. The JPX-Nikkei Index 400 fell 2.5 percent to 12,662.84.

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Edition No. 5055 - This publication is a property of NEFIR S.A. -RNPI Nº 5343955 - Issn 1852 - 9224 - Te. 4349-1500 - San Juan 141 , (C1063ACY) CABA - Director Perdiodístico: Ricardo Daloia