Stock indexes Dow Jones and S & P 500 showed the highest since the beginning of the year.
On Friday, the major US stock indexes finished work with growth of 1,3-1,85%. Dow Jones and S & P 500 reached the highest level since the beginning of the year, level on the background of the appreciated oil and optimism regarding the monetary policy of the European Central Bank. This is evidenced by trades data.
According Oilru, the Dow Jones industrial Average rose by 1.2 %, to 17, 213.13 points; Nasdaq Composite – by 1.85 % to 4748.47 points; the index of wide market S&P 500 – by 1.64% to 2022.19 points.
The ECB on Thursday lowered their benchmark interest rate from 0.05% to zero, also planning since April to increase the asset purchase programmer of quantitative easing (QE) up to €80 billion €60 billion monthly.
ECB President Mario Draghi said that the central bank in the current economic situation, sees no reason to further reduce the base rate, adding that "new facts can change the situation and forecasts." Draghi also did not rule out the introduction of negative interest rates.
As reported OilNews, on Friday, March 11, oil prices rose due to optimistic forecast of the International Energy Agency (IEA) and the weakening of the dollar, due to which oil becomes cheaper for importers using other currencies.
This is a reaction to a rise in oil and the comments [from the International Energy Agency] that prices bottomed, with a tailwind from the ECB decision," said Kristina Hooper, U.S. investment strategist at Allianz Global Investors.
The growth of the major US stock indexes may indicate that the needs of world's largest oil economy will increase.
Increased demand for "black gold" in the United States will automatically lead to an increase in prices on the global oil market. However, due a record resources in the US this growth can be mitigated or deferred.