Stocks around the world are clawing higher on Wednesday, and the S&P 500 climbed toward its first gain of what’s been a dismal week.
Even the oil market gained ground. Prices for crude have been turned upside down because of how much extra oil is sloshing around following a collapse in demand. After zig zagging overnight, U.S. oil prices jumped 27% after President Donald Trump threatened the destruction of any Iranian gunboats that harass U.S. Navy ships, raising the possibility of a drop-off in oil supplies.
The S&P 500 was up 1.5% after the first 45 minutes of trading, following milder gains in Europe and Asia. Treasury yields also inched higher in a sign of a bit less pessimism in the market.
U.S. stocks, though, are still down about 3% for the week as a rally that had been carrying the market since late March threatens to lose steam.
The Dow Jones Industrial Average was up 367 points, or 1.6%, to 23,386, and the Nasdaq was up 1.9%.
Energy stocks led the market higher, riding the ripple of strengthening oil prices. Halliburton jumped 10% in early trading, while Schlumberger and Apache added more than 3%. All three, though, remain down more than 60% for the year so far
A barrel of U.S. oil to be delivered in June jumped $3.12 to $14.69. It had been close to flat earlier in the morning, before Trump’s tweet. The big gain, though, means it’s recovered just a fraction of its steep losses this year, particularly over the last week. It was at nearly $30 at the start of last week and $60 at the beginning of the year.
In Canada, the S&P/TSX composite index was up 232.27 points at 14,172.33.
The Canadian dollar traded for 70.76 cents US compared with an average of 70.41 cents US on Tuesday.
https://news.google.com/__i/rss/rd/articles/CBMiaGh0dHBzOi8vd3d3LmNhc3RhbmV0Lm5ldC9uZXdzL0J1c2luZXNzLzI5NzkyOS9TdG9ja3MtY2xhdy1oaWdoZXItb24tV2FsbC1TdHJlZXQtb2lsLXByaWNlcy1yZWdhaW4tZ3JvdW5k0gEA?oc=5
2020-04-22 14:25:00Z
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