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Thursday, February 25, 2016

WallStreet Update: Late surge in US stocks

The US market saw a late-session rally yesterday to close higher, helped by an increase in oil prices that helped to reduce investors' fears on banks' vulnerability to the big chunk of debt of the energy companies and their ability to repay their debts.

Wall Street Update
S&P energy sector saw a gain of 0.9%, trimming its loss in 2016 to 27% after US crude futures went up by about 1%. 

Besides the S&P energy sector, there are 8 other major sectors in the index that saw a gain compared to the previous close.

The three major indexes saw a gain towards the end of the day after a day at the negative territory.

The Dow Jones industrial average rose 0.32% to end at 16,484.99 points and the S&P 500 gained 0.44 percent to 1,929.8. The Nasdaq Composite added 0.87 percent to 4,542.61.

Crude prices near 2003 lows have hammered the earnings of U.S. energy companies, exacerbated fears of a slowing global economy and created turbulence on Wall Street that has left the S&P 500 almost 6% weaker since the start of the year.

The gainers on the NYSE outnumbered the decliners by 1,952 to 1,086. On Nasdaq, 1,759 issues rose and 1,003 fell.

About 8.1 billion shares changed hands on U.S. exchanges, below the 9 billion daily average for the past 20 trading days, according to Thomson Reuters data.

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