close

News WrapGet Handpicked Stories from our editors directly to your mailbox

  • 542/542 TARGET 272
  • BJP+

    354BJP+

  • CONG+

    90CONG+

  • OTH

    98OTH

US stocks surge, ending five-day skid

Wall Street stocks posted solid gains Friday as oil prices rebounded, snapping a five-day losing streak that had left the market looking oversold to some investors.

New York: Wall Street stocks posted solid gains Friday as oil prices rebounded, snapping a five-day losing streak that had left the market looking oversold to some investors.

At the closing bell, the Dow Jones Industrial Average stood at 17,507.65, up 186.94 points (1.08 percent).

The broad-based S&P 500 jumped 26.49 (1.33 percent) to 2,019.16, while the tech-rich Nasdaq Composite Index surged 63.56 (1.39 percent) to 4,634.38.

Investors were reassured by a healthy 5.3 percent rise in US oil prices as the International Energy Agency declared there were signs "the tide will turn" in the battered oil market following recent multi-year lows.

Mace Blicksilver, director of Marblehead Asset Management, said the market was due for a good day after a five-day slide that left the S&P 500 below 2,000.

But Blicksilver said there has been "no trend change" and that investor anxiety remains elevated.