Global markets stabilise on Wednesday    Oil prices edged lower on Wednesday    Gold prices rebound on Wednesday    AOI, Dassault sign new partnership to advance defense industrial cooperation    Egypt unveils ambitious strategy to boost D-8 intra-trade to $500bn by 2030    Egypt discusses rehabilitating Iraqi factories, supplying defence equipment at EDEX 2025    Private Egyptian firm Tornex target drones and logistics UAVs at EDEX 2025    Egypt's Abdelatty urges deployment of international stabilisation force in Gaza during Berlin talks    Egypt begins training Palestinian police as pressure mounts to accelerate Gaza reconstruction    Egypt opens COP24 Mediterranean, urges faster transition to sustainable blue economy    Egypt's Health Minister leads high-level meeting to safeguard medicine, medical supply chains    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    US Embassy marks 70th anniversary of American Center Cairo    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Australia returns 17 rare ancient Egyptian artefacts    China invites Egypt to join African duty-free export scheme    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    Egypt extends Ramses II Tokyo Exhibition as it draws 350k visitors to date    Egypt signs host agreement for Barcelona Convention COP24 in December    Al-Sisi urges probe into election events, says vote could be cancelled if necessary    Filmmakers, experts to discuss teen mental health at Cairo festival panel    Cairo International Film Festival to premiere 'Malaga Alley,' honour Khaled El Nabawy    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches National Strategy for Rare Diseases at PHDC'25    Egypt adds trachoma elimination to health success track record: WHO    Grand Egyptian Museum welcomes over 12,000 visitors on seventh day    Egypt launches Red Sea Open to boost tourism, international profile    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Wall St. inches higher on Draghi comments, oil prices
Amwal Al Ghad Published in Amwal Al Ghad on 21 - 01 - 2016

U.S. stocks climbed higher Thursday morning as oil prices rallied and ECB President Mario Draghi raised hopes of easing monetary policy further as soon as March.
The European Central Bank kept its main rates on hold and Draghi said the central bank would "review and possibly reconsider" its monetary policy stance in March. Many analysts had not expected a rate cut before June.
Oil prices recovered from earlier losses and were sharply higher. [O/R]
The Draghi-led rally comes a day after a rout in global stocks, spurred by the relentless drop in oil prices and fears of a China-led slowdown in global growth.
A volatile session on Wall Street on Wednesday ended with the S&P 500 closing at its lowest since October 2014, with many stocks hitting new 52-week lows.
Some investors, however, expect the market to stabilize as stock valuations are reassessed and bargain-hunters step up.
"Some of the selling will exhaust itself pretty soon. This sort of market will create opportunities," said Chris Bertelsen, chief investment officer at Global Financial Private Capital in Sarasota, Florida.
"Every time there is a snapback, the drawdown is greater than the snapback and that is a sign that presages a market where people hunt for safety stocks and higher yield," he added.
At 11:06 a.m. ET (1606 GMT), the Dow Jones industrial average .DJI was up 165.9 points, or 1.05 percent, at 15,932.64.
The S&P 500 .SPX was up 18.09 points, or 0.97 percent, at 1,877.42 and the Nasdaq Composite index .IXIC was up 36.47 points, or 0.82 percent, at 4,508.16.
Eight of the 10 major S&P sectors were higher, led by a 2 percent rise in the telecom sector .SPLRCL.
Verizon (VZ.N) gave the biggest boost to the sector, rising 2.7 percent to $45.60 after reporting a better-than-expected quarterly profit.
Union Pacific (UNP.N) was down 6.3 percent at $69.02 after the railroad operator warned of a weak 2016. The report weighed on other railroad stocks.
Xilinx (XLNX.O) jumped 10.4 percent to $47.55 after the chipmaker's quarterly revenue beat expectations.
Advancing issues outnumbered decliners on the NYSE by 2,094 to 845. On the Nasdaq, 1,614 issues rose and 980 fell.
The S&P 500 index showed no new 52-week highs and five new lows, while the Nasdaq recorded two new highs and 51 new lows.
Source: MarketWatch

Clic here to read the story from its source.