Enter your email address and start getting breaking law firm and legal news right now!
Oil and U.S. Stocks Perk Friday after Thursday’s Nosedive
Oil and U.S. stocks are rebounding after investors psyched themselves this Thursday, when the stock market hit its second worst-decline of the year. It seems a lot of depressing reports about the world economy released on Wall Street scared investors, leading the Dow to sink 250.82 points, a 2 percent drop.
The reports would hurt anybody’s morale. Manufacturing is trudging in China, and Northwest Manufacturing is at its worst since August. The word on China was especially discouraging since they have helped drive global economy these last for years. Their slump equates also to their import’s slump, so copper and platinum fell 2 percent as well in Europe.
It got so bad in the States that a Goldman Sachs analyst instructed clients to bet against the market.
Nevertheless, in the morning of the next day, the sun once again rises. Oil rebounded from an 18-month low on Friday. The Dow perked 64.37 points, 0.51 percent. The Standard and Poor’s 500 Index .SPX was up 7.73 points, or 0.58, and the Nasdaq Composite Index .IXIC was up 21.52 points, or .75 percent.
The parallel market in Europe, meanwhile, is focusing efforts to resolve Europe’s debt crisis, with the European Central Bank stating they will accept lower-quality assets as collateral, to attempt to boost shaky banks.Oil and U.S. Stocks Perk Friday after Thursday's Nosedive by Daniel June