U.S. Stocks Stem Global Selloff
- Dow Average regains more than 200 points, led by Chevron
- WTI crude and Brent rise above $31 a barrel after selloff
Are Markets Having a Delayed Reaction to the Fed?
U.S. stocks rallied, with the Dow Jones Industrial Average clawing back some of Wednesday’s selloff, as oil’s advance beyond $31 a barrel bolstered energy producers and helped stabilize global markets rattled by concerns over China and sliding commodity prices.
The Standard & Poor’s 500 Index gained the most in almost six weeks amid speculation its 6 percent slump in 2016 was overdone. Oil and gas equities drove the rebound, surging more than 4 percent as investors’ appetite for riskier investments received support from Federal Reserve Bank of St Louis chief James Bullard, who said the rout in energy prices may dent inflation expectations. The dollar advanced, while haven assets from gold to the yen retreated. Nickel and aluminum led a rally in industrial metals.