DOWNLOAD OUR APP
IndiaOnline playstore
12:16 AM | Sun, 28 Aug 2016

Download Our Mobile App

Download Font

196 Days ago

New York: US stocks rebounded strongly on Friday as investor sentiment was buoyed by spiking oil prices.

The Dow Jones Industrial Average leapt 313.66 points, or 2.00 percent, to 15,973.84. The S&P 500 jumped 35.70 points, or 1.95 percent, to 1,864.78. The Nasdaq Composite Index gained 70.68 points, or 1.66 percent, to 4,337.51.

Oil prices spiked Friday, with the US oil soaring over 12 percent, boosted by the possibility that major production countries may cooperate to curb production.

The energy minister of the United Arab Emirates reportedly said the Organisation of Petroleum Exporting Countries was ready to cooperate on production cuts with other exporters.

Meanwhile, US energy firms cut oil rigs for the eighth straight week, according to the data from oil service company Baker Hughes Friday. Analysts expected major US shale oil companies to slash spending after crude prices plunged.

Persistent oversupply, bloated inventories and a slew of negative economic news dragged crude prices to 12-year lows Thursday.

On the economic front, the US Commerce Department announced Friday that advance estimates of US retail and food services sales for January came in at $449.9 billion, an increase of 0.2 percent from the previous month and on par with market consensus.

US import price index came out better than expected. In January, prices for US imports decreased 1.1 percent for the second consecutive month, beating market estimates of a 1.4-percent decline, the Labor Department reported Friday.

"As far as market jitters are concerned, both reports this morning served to quell fears of a broad based slowdown in the economy," said Jay Morelock, an economist at FTN Financial, in a note.

Despite Friday's solid gains, all three major indices still posted weekly losses, with the Dow, the S&P 500, and the Nasdaq going down 1.4 percent, 0.8 percent and 0.6 percent respectively. (IANS)

Viewed 53 times
  • SHARE THIS
  • TWEET THIS
  • SHARE THIS
  • E-mail
You might also want to read

Our Media Partners

app banner

REVOLUTIONARY ONE-STOP ALL-IN-1 MARKETING & BUSINESS SOLUTIONS

  • Digital Marketing
  • Website Designing
  • SMS Marketing
  • Catalogue Designing & Distribution
  • Branding
  • Offers Promotions
  • Manpower Hiring
  • Dealers
    Retail Shops
    Online Sellers

  • Distributors
    Wholesalers
    Manufacturers

  • Hotels
    Restaurants
    Entertainment

  • Doctors
    Chemists
    Hospitals

  • Agencies
    Brokers
    Consultants

  • Coaching Centres
    Hobby Classes
    Institutes

  • All types of
    Small & Medium
    Businesses

  • All types of
    Service
    Providers

FIND OUT MORE