U.S.
stocks rallied, with the Standard & Poor’s 500 Index closing at a
six-week high, amid broad gains as a surge in oil prices helped lessen
concern that a slowdown in global growth is deepening.
The
S&P 500 rose 1.4 percent to 1,945.28 at 4 p.m. in New York, the
highest since Jan. 6 following its strongest weekly advance since
November. The benchmark is less than seven points below its average
price during the past 50 days, after falling below that level on Dec.
30.
Oil
rose amid speculation that a production freeze by some OPEC members and
Russia could eventually help to abate the surplus. Russia said talks on
an output freeze will be done by March 1, while Nigeria said some
countries should have production capped at higher levels. West Texas
Intermediate crude futures soared 6.2 percent, briefly rising above $32 a
barrel.
Equities
showed little indication Monday of the anxiety over the pace of global
growth or the impact of persistently low oil prices that helped drive
the S&P 500 to a 22-month low on Feb. 11. Signs that crude prices
are stabilizing, and speculation that China’s slowdown isn’t as bad as
feared have helped the gauge cut its 2016 decline in half in six trading
sessions. Some of the year’s most beaten-down shares -- including
banks, semiconductor, auto and retailer stocks -- have paced the
rebound.
Source : Bloomberg
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