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Category: Money

US Stock Surges, Oil Price Drops

Written on March 04, 2011 by Japhet Writ

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U.S. stocks posted their best day in three months on Thursday, as Wall Street rallied behind a strong unemployment claims report together with a modest drop in energy prices.

Last Thursday, posted their best day in three months. The surge in is due to a re-surging and modest drop in energy costs, specifically the oil price. The Dow Jones increased to 191 points at the preliminary close, while S&P 500 and Nasdaq added 22.5 and 51 points respectively. The gains were the best blue chip indicator this year, and the largest since 2011.

Last Thursday’s improvement was fairly held steady for the whole day. And although AT&T dropped to 0.1%, 20 of Dow Jones’ members gained more than 1%. Wall Street’s bulls rallied behind more than the expected weekly jobless claims report, showing the number of people who petitioned for benefits dropped to its lowest since May 2008. In addition to this, the oil price fell to 40 cents per barrel. That is after the news that Libyan leader, Moammar Gadhafi, might agree to a peace negotiation mediated by Venezuela’s Hugo Chavez.

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