U.S. Stocks Rise as Commodity Shares Lead Rally Amid Oil Surge
- Oil rallies to lift energy despite rising crude stockpiles
- Services industry slowdown rekindled growth concerns
Workers prepares the General Motors Co. Cadillac exhibit ahead of the North American International Auto Show at the Cobo Center in Detroit, Michigan, U.S., on Friday, Jan. 8, 2016. The press preview officially begins on Monday, January 11. Last year's show featured 55 vehicle introductions and was attended by over 5,000 journalists from 60 countries.
Photographer: Jeff Kowalsky /BloombergU.S. stocks rose for the first time in three days as commodity producers rallied with crude oil, overshadowing concerns that weakness in global growth is spreading.
Equities stormed higher in afternoon trading as crude futures jumped 8 percent as the dollar touched its lowest levels since 2009. Gains in energy and raw-materials sparked a broader advance that helped banks trim sharp declines. Exxon Mobil Corp. and Chevron Corp. advanced at least 4.1 percent, while Freeport-McMoRan Inc. gained more than 11 percent.