Friday, 18 March 2016

Dow Industrials bounce back into positive territory for 2016

US stocks rose on Thursday.

The Dow Jones Industrial Average rose 0.9 percent to leave it with a 0.3 percent gain for 2016.

The S&P 500 rose 0.7 percent on Thursday but remained down 0.2 percent this year.

US crude oil rose 4.5 percent on Thursday.

However, elsewhere, the STOXX Europe 600 fell 0.1 percent and the Nikkei 225 fell 0.2 percent.

Still, the rebound in US stocks is boosting confidence in the market as well as economy.

A recession is “just not in the cards for the moment”, said Tony DeSpirito, portfolio manager of the BlackRock Equity Dividend Fund.

“People can talk about it being low volume and low conviction,” said Rob Bernstone, managing director in equity trading at Credit Suisse. “But it counts the same.”

Still, doubts persist.

“We’re back to where we were, but still the dynamics are not bullish,” Rich Weiss, senior portfolio manager at American Century Investment said. “There is very little difference in economic indicators from the end of the year through today.”

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