Rising oil makes Wall Street bounce back
American stock-index futures stuck to moderate gains of Wednesday in an attempt to end two days of losses, as a sudden surge in oil prices improved investor sentiment.
Investors relish a thought of looking through a report on the labor market in January as well as data on the services sector. This information is expected to drop an evident hint at the real strength of American economy.
In today’s up-and-down trade, futures for the Dow Jones Industrial Average didn’t leave 5 point, while the S&P 500 index managed to climb 2.10 points. Futures for the Nasdaq-100 index fell 1.50 points.
All these moves came after on Tuesday Wall Street shares ended sharply, as investors followed a sell-off in crude-oil futures, that settled below $30 a barrel.
Oil prices went up on Wednesday. West Texas Intermediate crude reclaimed the $30-a-barrel mark and gained 1.5%. As for Brent oil, it grew to $33.26 a barrel.
A research analyst of Accendo Markets, Augustin Eden told this oil bounce might appear to be just a pure consolidation ahead of upcoming declines, as the key drivers for the market stand still.
The given oil-price rebound helped some American energy companies. Stocks of ConocoPhillips grew 1.4%, Schlumberger Ltd acquired 1.3% and Baker Hughes Inc. got 0.8%.