Markets surge, expected to extend rebound

Global stocks and oil surged on Friday, ending a volatile week on a high note.

The S&P 500 jumped 2 percent, the STOXX Europe 600 surged 3 percent and the MSCI Emerging Markets Index climbed 3.3 percent.

Brent crude rose 8 percent and West Texas Intermediate crude climbed 8.1 percent.

“It’s a classic oversold bounce after Draghi’s comments yesterday and the noise on Japanese stimulus overnight, the question is where do we go from here,” said Veronika Pechlaner, who helps oversee $10 billion at Ashburton Investments, part of FirstRand Group.

The answer appears to be up for many analysts. Bloomberg reports that forecasters expect the S&P 500 to extend its rebound from the Wednesday low to 19 percent by December while European strategists see the region’s benchmark finishing 2016 about 18 percent higher than Friday’s close.