Saturday, January 17, 2015

Oil company Stocks Rally Put an End to 5-day losing streak

The prices of the crude were up that pulled the stock market out of a 5 day slump. Oil prices were up yesterday as a result of the International Energy Agency statement that drillers will be cutting production this year.

The S&P 500 index increase by 26.75 points or 1.3% that ended at 2,019.42. The Dow Jones industrial average increase by 190.86 points or 1.1% to close at 17,511.57, and the Nasdaq rose 63.56 points or 1.4% to 4,634.38.

Anastasia Amoroso, a global market strategist at JP Morgan Asset Management said that “There has been a lot of conflicting information to digest, recently”, “Are low oil prices a good or a bad thing?” “For stocks, deflation is not so great.”

Benchmark US crude were up yesterday by $2.44 to close at $48.69 a barrel in New York trading. Brent crude, a benchmark for international oil used by many US refineries, added 31 cents to $50.17 in London.

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