Dow jumps more than 100 points, shrugging off IMF warnings as oils soars
Investing.com – Wall Street shrugged off warnings from the International Monetary Fund (IMF) on the global economy and a not-so-auspicious beginning to the first quarter earnings season and moved higher on Tuesday as gold hit new 2016 highs on a reported agreement over a production freeze ahead of Sunday’s meeting in Doha.
At 16:05GMT or 12:05ET, the Dow Jones rose 131 points, or 0.74%, while the S&P 500gained 14 points, or 0.67%, and the tech-heavy NASDAQ Composite traded up points, or 0.35%.
Investors remained focused on a new jump in crude oil after Interfax reported that Russia and Saudi Arabia had reached a consensus on a production freeze, suggesting a change to the latter’s stance. The kingdom had said that it would not agree if Iran did not form part of a deal.
Oil increased gains on the report and U.S. crude futures soared 3.10% to $41.61 by 16:07GMT or 12:07ET, while Brent oil jumped 3.48% to $44.32.
The news arrived ahead of a long-awaited meeting of major oil producers in Doha on April 17 and while market participants awaited U.S. inventory data later on Tuesday from the American Petroleum Institute, followed by the official stockpiles data from the EIA out on Wednesday.
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