US stocks surge on oil rally, hopes of Greek deal | Inquirer Business

US stocks surge on oil rally, hopes of Greek deal

/ 06:11 AM February 04, 2015

The Dow gained more than 300 points Tuesday, Feb. 4, 2015, as US stocks rallied on higher oil prices and greater optimism over a deal to renegotiate Greece's debt.  AP PHOTO

The Dow gained more than 300 points Tuesday, Feb. 4, 2015, as US stocks rallied on higher oil prices and greater optimism over a deal to renegotiate Greece’s debt. AP PHOTO

NEW YORK–The Dow gained more than 300 points Tuesday as US stocks rallied on higher oil prices and greater optimism over a deal to renegotiate Greece’s debt.

At the closing bell, the Dow Jones Industrial Average stood at 17,662.10, up 301.06 points (1.73 percent).

Article continues after this advertisement

The broad-based S&P 500 powered higher by 28.93 (1.43 percent) to 2,049.78, while the tech-rich Nasdaq Composite Index gained 51.05 (1.09 percent) at 4,727.74.

FEATURED STORIES

US oil prices surged seven percent to the highest level of the year, adding some relief to markets that fear the steep drop in the commodity signals major global economic problems.

Greek officials are pushing the idea of debt swaps that would avoid the need for creditors to accept “haircuts” on the country’s 315-billion-euro ($361-billion) foreign debt. European equities jumped on hopes of a resolution.

Article continues after this advertisement

Despite the market’s sunny performance, some analysts were skeptical the market had banished fears about deflation in the eurozone and weak global growth.

“It’s good to enjoy the rally while we can,” said Mace Blicksilver, director of Marblehead Asset Management. “But a lot of things that worry the market are still ahead of us.”

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Finance, Stock Activity, stocks, US

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.