Oil Rebound Nudges Stocks Higher
Global stock markets saw a boost today, as the Dow Jones rose .7% after the opening bell, the S&P 500 rose .6% and the Nasdaq Composite gained .4%—all spurred by rising oil prices.
Brent crude oil rose 1.4% to $44.25/barrel, after seeing its largest one-day decline since February on Monday, the Wall Street Journal reports.
Economists are mixed on whether this oil rally will continue, as many believe the rebound is headed for a correction, given the supply glut—although that could change with a large number of producers going under.
Investors have mixed feelings too. European and US stocks have stayed in a narrow range recently, as investors are left in limbo trying to reconcile an equity price rebound with poor Q1 earnings and overarching global economic concerns. [WSJ]
