Breaking News

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.

Latest news

Futures contracts for gold declined with European trading after it was high in the Asian session : with the beginning of today’s hours, futures contracts rose by 0.66%, to be traded at a price
09-2020 21 09:52:41

Gold futures rose for December delivery according to the Asian session on Friday. As it increased by 0.47%, to be traded at the price of 1959.00 dollars per ounce, and it was previously traded at a
09-2020 18 06:02:31

Oil prices rose this morning, due to the halt in oil and gas production due to a hurricane in the United States of America, as the price of crude oil increased by approximately 1.5%, reaching 41.13 d
09-2020 16 06:30:20

We open the trading week with a rise in gold prices today, after it witnessed a decline in the last days of last week, as it is a safe haven for investors, especially when crises that negatively affe
09-2020 14 06:22:57

Gold prices experienced a remarkable decline at the beginning of the week after it concluded its Asian trading at a high, affected by the great rush of investors, if this morning the gold futures con
08-2020 31 08:11:31

More News