December 15, 2017
Friday, January 22, 2016

Wall Street set for first weekly gain of 2016 as oil soars

Wall Street was heading toward its first positive week of 2016, as a cold snap in the United States and Europe helped send oil prices surging for a second day.

All 10 major S&P sectors were in the black, led by a 3.34 percent jump in energy stocks.

Crude prices, still under pressure from a global glut, were up nearly 8 percent as freezing conditions and snowstorms boosted short-term demand for heating oil and traders cashed in their short positions.

European Central Bank President Mario Draghi's comments on Thursday suggesting that the bank could ease its monetary policy at its March meeting also encouraged investors bruised by a brutal selloff that began at the start of 2016.

The US stock market has failed to sustain any rallies this year as risk-averse investors search for signs of stability amid worries of a China-led global slowdown.

Up to Thursday's close, the S&P 500 had fallen 8.6 percent in 2016, having closed higher in only six of the 13 sessions.

US economic data on Friday showed existing home sales soared nearly 15 percent in December, handily beating estimates and recovering from a 10.5 percent fall in November.

The Dow Jones industrial average .DJI was up 137.66 points, or 0.87 percent, at 16,020.34, the S&P 500 was up 28.5 points, or 1.52 percent, at 1,897.49 and the Nasdaq Composite index was up 90.06 points, or 2.01 percent, at 4,562.11.

Fourth-quarter earnings reports are likely to offer little cheer, with S&P 500 companies on average expected to post a 4.3 percent decline in profit, according to Thomson Reuters data.

Advancing issues outnumbered decliners on the NYSE by 2,740 to 337. On the Nasdaq, 2,195 issues rose and 555 fell.

The S&P 500 index showed two new 52-week highs and seven new lows, while the Nasdaq recorded eight new highs and 34 new lows.

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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