US stocks turn higher around midday on oil recovery

New York, March 8 (IANS) The US stocks pared early losses to trade higher around midday on Monday, as Wall Street cheered over the continued rebound in oil prices.

By noon, the Dow Jones Industrial Average added 60.47 points, or 0.36 percent, to 17,067.24. The S&P 500 increased 1.99 points, or 0.10 percent, to 2,001.98. The Nasdaq Composite Index inched up 4.88 points, or 0.10 percent, to 4,721.90, Xinhua news agency reported.

Oil prices continued to rally Monday after last week’s solid gains, with Brent crude surging above $40 a barrel in the morning session, a 2016 high.

Meanwhile, with no major economic data due out Monday, investors were still digesting Friday’s jobs report. The US total non-farm payroll employment increased by 242,000 in February, well above market expectations, and the unemployment rate was unchanged at 4.9 percent, the US Labour Department announced on Friday.

In February, average hourly earnings for all employees on private non-farm payrolls declined 3 cents to $25.35, following an increase of 12 cents in January. Average hourly earnings have risen by 2.2 percent year on year.

Analysts said the upbeat jobs data pointed to a modest recovery in the US economy, and created conditions for the Federal Reserve to gradually raise interest rates this year.

On Friday, the US stocks ended higher after volatile trading, with all three major indices on a four-day winning streak, as investors digested the upbeat jobs report into indications of the country’s economic conditions.

Spanish stocks close lower

The Spanish stock market index Ibex-35 fell 0.28 percent on Monday to close at 8,786.80 points, down from the 8,811 points of Friday.

On Monday session, Indra A shares led falls losing 4.44 percent, followed by Banco Sabadell, Caixabank, Merlin and Bankinter that lost 2.25 percent, 1.93 percent, 1.47 percent and 1.46 percent respectively, Xinhua news agency reported.

On the other hand, FCC shares led rises climbing 14.57 percent, followed by OHL, Repsol, Tecnicas Reunidas and Sacyr 4.96 percent, 2.68 percent, 2.35 percent and 1.24 percent respectively.

Spain’s risk premium closed at 137.90 points, up from the 132.4 points of Friday.

US stocks end mixed amid oil recovery 

The US stocks closed mixed on Monday amid surging oil, as investors tried to lock in gains after a three-week rally.

The Dow Jones Industrial Average rose 67.18 points, or 0.40 percent, to 17,073.95. The S&P 500 edged up 1.77 points, or 0.09 percent, to 2,001.76. The Nasdaq Composite Index fell 8.77 points, or 0.19 percent, to 4,708.25, reports Xinhua.

Oil prices continued to rally on Monday after last week’s solid gains, with Brent crude settling above $40 a barrel, as data showed oil producers are cutting output amid low prices.

Meanwhile, with no major economic data due out Monday, investors were still digesting Friday’s jobs report. The US total non-farm payroll employment increased by 242,000 in February, well above market expectations, and the unemployment rate was unchanged at 4.9 percent, the US Labour Department announced on Friday.

In February, average hourly earnings for all employees on private non-farm payrolls declined 3 cents to $25.35, following an increase of 12 cents in January. Average hourly earnings have risen by 2.2 percent year on year.

Analysts said the upbeat jobs data pointed to a modest recovery in the US economy, and created conditions for the Federal Reserve to gradually raise interest rates this year.

Overseas, Chinese shares extended their gains into a fifth straight day on Monday, encouraged by pro-growth measures and a rebound in commodity prices. The benchmark Shanghai Composite Index went up 0.81 percent to close at 2,897.34 points.

European equities moved down on Monday despite oil recovery. German benchmark DAX index at Frankfurt Stock Exchange fell 0.46 percent, while British benchmark FTSE 100 Index lost 0.27 percent.

Tokyo shares open lower

 Tokyo shares opened the trading Tuesday slightly lower on the yen’s advance against the US dollar.

At 9.15 a.m., the 225-issue Nikkei Stock Average inched down 48.01 points, or 0.28 percent, from Monday to 16,863.31, Xinhua news agency reported.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 3.81 points, or 0.28 percent, to 1,358.09.

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