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Tuesday, February 23, 2016
WallStreet Update: Oil rally lift the Market
The rally in oil prices lifted Wall Street on Monday as energy stocks that have been crushed recently find strength. This includes stocks like Chevron and Schlumberger.
As what have been seen over the last few months, Wall Street has been dictated by the oil prices' trend, which have left the market down so far in 2016, although we are seeing a slight recovery last week. The recovery seems to continue as oil gains some strength.
The US crude prices were up by more than 6% albeit still at around decades low.
We are seeing strength in the market across the board, with all 10 major S&P sectors finishing higher.
Besides oil, prices of industrial metals such as copper and zinc rose as concerns and worries over the potential shortages arise.
The Dow Jones industrial average were up by 1.39% to close at 16,620.66 points while the S&P 500 jumped 1.45% to 1,945.5. The Nasdaq Composite gained 1.47% to 4,570.61.
Recent turmoil in global markets and macroeconomic uncertainty has left investors split over whether the U.S. Federal Reserve will raise interest rates this year.
Gainers outnumbered decliners on the NYSE by 2,389 to 676 and the similar trend is seen on the Nasdaq, 1,974 issues rose and 829 fell.
The S&P 500 index showed 19 new 52-week highs and one new low, while the Nasdaq recorded 38 new highs and 35 new lows.
About 7.1 billion shares changed hands on U.S. exchanges, below the roughly 9.1 billion daily average for the past 20 trading days, according to Thomson Reuters data.