A strong rebound in oil pushed US stocks higher on Friday, while investors took comfort in Federal Reserve Chair Janet Yellen's positive comments on the economy. Crude jumped more than 6 percent on rising hopes that top producers would agree to freeze output and positive economic indicators in the United States and Europe hinted at an increase in demand.
Yellen said on Thursday the US economy was on a solid course with some hints of inflation, putting the central bank on track for a gradual increase in interest rates this year. Investors will now focus on the upcoming corporate earnings season. Profits at S&P 500 companies are expected to have declined 7.4 percent in the first quarter, according to Thomson Reuters data.
At 10:57 am EDT the Dow Jones industrial average was up 110.19 points, or 0.63 percent, at 17,652.15, the S&P 500 was up 13.84 points, or 0.68 percent, at 2,055.75 and the Nasdaq Composite was up 24.13 points, or 0.5 percent, at 4,872.50. All 10 major S&P sectors were higher, led by a 2.36 percent rise in the energy sector. Chevron shares rose 1.8 percent to $96.48, while Exxon was up 1.1 percent $83.30. Boeing was up 2 percent at $129.64, giving the biggest boost to the Dow. The company on Thursday said it had booked four orders for its 747-8 freighter, the first sales of the year for the plane.
Comments
Comments are closed.