US stocks traded in the positive territory on Friday, trying to recover from a significantly lower start to the year, driven by a regain in oil from multiyear lows and optimism about stimulus in the euro zone and Japan.
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Markets drew some comfort Thursday from European Central Bank chief Mario Draghi pledge that the bank is prepared to take action as early as its next meeting in March to expand existing stimulus efforts. The broader S&P 500 index declined 22.00 points or 1.17 percent to end at 1,859.33.
Narwhal Capital Management’s holdings in SPDR Dow Jones Industrial Average ETF were worth $1,174,000 as of its most recent filing with the SEC. The S&P 500 gained 0.5%, while the Nasdaq Composite edged up less than 0.1%. Utilities were near flat, which typically happens when demand for USA “safe-harbor” government bonds declines.
The selloff intensified Wednesday, as the Dow fell more than 550 points at one point, before clawing back to close the day off 249 points. The price of benchmark crude rose 8.43 percent, helping to lift the overall stock market.
So far in 2016, gold prices are up 3.4%.
Gains in energy stocks, one of the most beaten-down sectors so far this year, outpaced increases in other S&P 500 sectors, rising 4.3% on Friday. Apple Inc jumped 5.3 percent, Amazon.com 3.7 percent and Microsoft Corp 3.6 percent. J. W. Burns & Company now owns 3,065 shares of the company’s stock valued at $533,000 after buying an additional 104 shares during the last quarter. Markets around the world are rallying on oversold conditions and the prospect of more European economic stimulus. The Bank of Japan meets on January 28-29 to tackle issues like low inflation, a strengthening yen and low wage growth.
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“Expectations of further central bank easing have helped restore investor confidence in risky assets”, Barclays’ analyst Henry Skeoch told clients in a note. The Stoxx Europe 600 index was up 2.6% on Friday, while Asian markets (http://www.marketwatch.com/story/nikkeis-early-surge-leads-asian-market-rebound-2016-01-21) finished with solid gains, including a almost 6% rise for the Nikkei 225 index.
