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Saturday, February 13, 2016

Wall Street Update: US stocks rebounded after 5-day slide

US stocks rebounded after a rather bad week.

Wall Street Update
It wasn't easy, after the bad week that seen US led a global equity decline. The rebound was largely due to the oil price that had its best day in seven years and bank shares jumped the most since 2011. 

The Standard & Poor’s 500 Index’s still lost slightly for the week, albeit only at less than 1% after the rally yesterday. Statistical data released has shown a higher retail sales. Banks seen a rally of about 4% after JPMorgan Chase & Co.’s Jamie Dimon said he bought more shares in the bank, while Commerzbank AG’s results helped European equities rebound from the lowest level since 2013. 

The yield on 10-year Treasuries climbed for the first time in six days. Crude rallied 12 percent from a 12-year low to top $29 a barrel in New York.

The week ended on a slightly positive note for US and European shares, as Commerzbank’s results eased concern that lenders won’t find ways to be profitable amid dwindling interest rates. Dimon’s vote of confidence was echoed by Norway’s sovereign wealth fund, which boosted its stake in Credit Suisse AG. 

The positive news couldn't be more timely as crude also delivered its biggest rally in three weeks. 

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