Crude Oil Rally Pushes S&P 500 Index to Fourth Weekly Advance
- Oil up 47 percent with stocks gaining 11 percent since Feb. 11
- Central bank commentary to continue next week with Fed, BOE
The sun rises beyond oil storage tanks at the Enbridge Inc. Cushing storage terminal in Cushing, Oklahoma, U.S., on Wednesday, March 25, 2015. The fastest oil-inventory growth on record at the main U.S. hub may be about to end, easing concern that storage limits will be strained.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
For all the obsessing over central banks, in the end it was another week where oil played a key role in calling the shots for U.S. equities.
Commodity producers helped send the Standard & Poor’s 500 Index up 1.1 percent to 2,022.19, the highest close of the year, as crude rallied 7.2 percent. Even amid signs oil’s correlation with equities is weakening, both have now risen for four straight weeks, the longest concerted advance since 2013.