Investors

Major US stocks close higher; oil also rises after Colonial restart

US stocks

Major U.S. stocks closed higher this Friday, for a second day in a row; however, they are still enduring a weekly loss, after three drops earlier in the week, according to a report by AP.

Firstly, the S&P 500 added 1.5%; still it has lost 1.4% during the week. On the other hand, another bounce back in tech shares pushed the Nasdaq 2.3% higher.

Secondly, retailer companies, banks, communication companies and industrial stocks also helped lift the market. The boost in crude oil prices also climbed 2,4% this Friday, helping the market to lift.

Thirdly, as of Friday, U.S. major stocks had a strong performance. The S&P 500 rose 61.35 points, or 1.5%, to 4,173.85. The Dow Jones Industrial Average rose 360.68, or 1.1%, to 34,382.13. The Nasdaq rose 304.99 points, or 2.3%, to 13,429.98. The Russell 2000 index of smaller companies rose 53.68 points, or 2.5%, to 2,224.63. As reported by the Associated Press.

Moreover, as said above, oil prices rose today, reversing some of the losses that the major US stocks market had to endure after the Colonial Pipeline hack, and the renewed fears of the covid-19 behavior on India.

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In addition, according to Phil Flynn, senior analyst at Price Futures Group in Chicago, quoted by Reuters. “Oil is rallying because supply is moving again; whether it is through the pipeline or the Mississippi river.”

Furthermore, as we reported previously, the U.S. capital, east and southern coasts were severely hit by the fuel shortage; which provoked a spike on retail gasoline prices. Gas station outages in Washington, D.C., climbed to 87%; from 79% the day before, according GasBuddy.com

However, after the restart, a bullish sentiment spread among investors and both oil contracts rose. Brent crude oil futures were up $1.54, or 2.3%, at $68.60 a barrel; while the West Texas Intermediate (WTI) crude was up $1.45, or 2.3%, at $65.27.

Finally, oil prices have come under pressure this week; as surging coronavirus cases in India as well as worries that the highly transmissible variant first detected there is spreading to other countries.

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