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US stocks open sharply higher on oil recovery

126 Days ago

New York: US stocks opened sharply higher on Friday as further recovery in oil prices boosted investors' sentiment.

Oil prices continued to rebound strongly on Friday, with both US oil and Brent crude surging over five percent in early trading, as traders started to buy the dips despite persistent over supply worries.

Meanwhile, hopes of stimulus in the euro zone also cheered Wall Street. The European Central Bank (ECB) held its key interest rates at record low levels on Thursday and planned to "reconsider" its monetary policy early March in a bid to lift weak inflation and stimulate the economy.

"It will therefore be necessary to review and possibly reconsider our monetary policy stance at our next meeting in early March," ECB President Mario Draghi said.

"Work will be carried out to ensure that all the technical conditions are in place to make the full range of policy options available for implementation, if needed."

Analysts said Draghi's remarks suggested that the ECB was willing to offer more stimulus at its next meeting in March.

Shortly after the opening bell, the Dow Jones Industrial Average rose 209.12 points (1.32) percent, to 16,091.80. The S&P 500 gained 27.25 points (1.46) percent, to 1,896.24. The Nasdaq Composite Index was up 82.97 points (1.86) percent, to 4,555.03.

US stocks rebounded amid rising oil prices on Thursday, as comments from Draghi signalled further stimulus. (IANS)

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