Oil-Related Stocks Surge on Rising Oil Prices... NY Stock Market Rebounds

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The major indices of the New York stock market showed a relatively large rebound after falling the previous day.

On the 15th (local time), the Dow Jones Industrial Average rose 236.82 points (0.68%) to close at 34,814.39, the S&P 500 increased by 37.65 points (0.85%) to 4,480.70, and the Nasdaq rose 123.77 points (0.82%) to close at 15,161.53.

West Texas Intermediate (WTI) crude oil prices closed at $72.61 per barrel, up $2.15 (3.05%), leading energy stocks to rally across the board.

That day’s WTI increase was the highest since August 23. It is analyzed that the news of a 6.4 million barrel drop in U.S. crude oil inventories pushed oil prices higher. The U.S. crude inventory decline far exceeded the expected 3.5 million barrels.

Shares of oil-related companies such as ExxonMobil, Chevron, and Occidental Petroleum also recorded significant gains.

Despite rising Treasury yields, tech stocks smiled for the first time in a while. Microsoft rose 1.68% on the back of its announcement of a $60 billion share buyback and dividend increase.

Amazon and Alphabet also recorded gains. Apple, which had fallen the day before despite announcing the iPhone 13, rose 0.61%.

Facebook did not join the rally due to the impact of negative investigative reports.

Casino-related stocks took a hit. News that China may strengthen regulations on Macau’s gambling industry caused Wynn Resorts, MGM, and Las Vegas Sands to fall one after another.

This content was produced with the assistance of AI translation services.