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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.

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