December 12, 2017
Friday, March 11, 2016

Wall Street rally boosted by higher oil prices

Wall Street rallied on Friday as steadying oil drove energy shares, putting the three major indexes on track for their fourth straight weekly gains in more than four months.

US crude pared some of their gains, but were up more than 2 percent after the International Energy Agency said oil prices might have bottomed as output in the United States and other non-OPEC countries was beginning to fall quickly.

Investors took a positive view of European Central Bank's new stimulus package unveiled on Thursday, despite ECB President Mario Draghi signaling an end to further rate cuts.

"There's an incredible rebound because the chatter on easing became extremely positive after the market closed yesterday and all the global markets are rallying on that," said Phil Davis, chief executive of PSW Investments.

At 12:35 p.m. ET, the Dow Jones industrial average was up 212.5 points, or 1.25 percent, at 17,207.63.

The S&P 500 was up 28.45 points, or 1.43 percent, at 2,018.02. The 2,000 mark is considered a key psychological barrier for the index.

The Nasdaq Composite was up 66.03 points, or 1.42 percent, at 4,728.19.

European shares bounced back on Friday, with the European Central Bank's new cheap funding plan supporting lenders in the euro zone periphery and a recovery in metal and oil prices boosting stocks in commodity companies.

The FTSEurofirst 300 index ended up 2.7 percent at 1,347.47 points, after falling 1.8 percent on Thursday.

Japanese stocks rose as a weaker yen boosted the profit outlook for exporters while a bounce in global oil prices improved risk appetite.

Trade was choppy, with the Nikkei share average trading in negative territory earlier.

It swung into positive territory after a bounce in the dollar against the yen offset earlier negative sentiment triggered by European Central Bank's suggestion it was running out of room for further interest rate cuts.

The Nikkei gained 0.5 percent to 16,938.87. but the benchmark index fell 0.4 percent over the week.

The broader Topix climbed 0.5 percent to 1,359.32 and the JPX-Nikkei Index 500 rose 0.5 percent to 12,296.16.

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Tags:  US  stock market  Europe  Nikkei  

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