Breaking News

Wall Street opens sharply higher as industrial production surges the most in 14 months

News Date: 17/2/2016 10:22:15
U.S. stock indexes opened deep in the black after earlier mixed data, which showed a small drop in housing starts and building permits, but a sharp rebound in industrial production in January, allaying fears over the manufacturing sector and helping sentiment around Wall Street, with the dollar edging higher as well.

Industrial production in America jumped 0.9% m/m in January, beating expectations of a 0.3% rise, and much better than last month's 0.7% monthly slump. On the other hand however, housing starts fell to an annualized 1.10M in January from December's 1.14M, missing forecasts of 1.16M.

The Dow Jones Industrial Average opened 150 points higher, or 0.90% to trade around 16,343, while tech-heavy NASDAQ Composite rose the most by 50 points, or 1.16% to 4,487. Standard and Poor's 500 index advanced 18 points, or nearly one percent to hover around 1,913, firmly above the level of 1,900 again.

The dollar index made some inroads as well, touching a one-week high at 97.11, before trimming gains to trade last at 97.02, up 0.15% on the day. Sterling tumbled 0.34% against the greenback to 1.4259, while euro gave up nearly 0.2% to trade at 1.1122.

Oil prices gained ground today as investors hope that a recently-announced deal in Doha to freeze production would be greeted in Iran, with Brent crude futures climbing $1.08, or 3.26% to $33.23 a barrel, while U.S. West Texas Intermediary (WTI) crude futures added 82 cents, or 2.75% to trade at $29.84 a barrel.

Latest news

The futures contracts for oil witnessed an increase, as it rose by 0.16%. According to the New York Mercantile Exchange, the futures contracts for crude oil were traded in November at 82.02 dollars p
09-2022 29 02:42:06

Bitcoin, the largest cryptocurrency by market capitalization, managed to exceed the $20,000 level, rising by more than 5%, to $20,286 in particular. Followed by Ether, the second largest cryptocurren
09-2022 27 00:49:52

The dollar index rise against six major currencies, including the British pound and the euro, rose to its highest level in 20 years, supported by the decline of the British pound. The euro recorded
09-2022 26 02:49:04

Crude oil futures rose during the Asian session today, Thursday, this rise came after a decline : after the US central bank raised interest rates to control inflation, which directly affected the dem
09-2022 22 02:20:30

Yesterday, Wall Street closed lower , following the US central bank’s meeting, which is expected to raise interest rates significantly. According to the data, the Standard & Poor's 500
09-2022 21 01:33:42

More News