Dow Jones Industrial Market Update
U.S. crude oil price is at $40 per barrel for the first time since December while other commodities also grow
US Markets Overview
The Dow Jones Industrial Average turned positive for 2016, and U.S. crude oil rose above $40 per barrel, recovering after a rough start to the year.
Earlier this year, investors were confused by slowing global growth and recent interest rate changes, but stability in commodity prices and positive signs in the U.S. economy helped ease concerns.
The Dow Industrials and S&P 500 are now close to where they ended in 2015, after having dropped more than 10% by February 11.
“When you start removing recession fears, the market reacts, and I think that’s what happened,” said Lew Piantedosi of Eaton Vance.
The Dow rose 0.9% to 17,481.49, putting it up 0.3% for the year. The S&P 500 climbed 0.7% to 2,040.59, leaving it 0.2% down in 2016. The Nasdaq Composite increased 0.2% to 4,774.99, but remains down 4.6% for the year.
U.S. crude oil futures rose 4.5% to $40.20 a barrel as the dollar weakened and major oil producers signaled support for freezing production levels.
General Electric helped lift the Dow, rising 2.6% to $30.96.
Industrial stocks were one of the biggest drivers of gains in the S&P 500 on Thursday, rising more than 2%.
FedEx was the top performer in the S&P 500, jumping 12% to $161.34 after reporting better-than-expected earnings and a strong outlook.
