Wall Street stocks were given a good boost on Thursday, as a continued surge in oil prices as well as a slumping greenback definitely power a positive investment mood.
Futures for the Dow Jones Industrial Average grew 78 points to 16,341. Meanwhile, S&P 500 index managed to grasp 8.50 points – a soar to 1,917. Then, futures for Nasdaq 100 index got to 4,193, which is 21.50 points.
The gains arose after a Wednesday roller-coaster session ended with a late-stage increase as a huge bound in oil prices pushed the energy as well as materials sector. Oil prices were partially driven by a sharp sag in the greenback after a gloomy reading on American services sector, to say nothing of putting a long-awaited Fed rate hike on hold. Additionally, the S&P 500 ended up with 0.5%, while the Dow industrials got 1.1% or 183 points.
Both factors, a weak dollar and growing oil dominated on Thursday, thus giving a significant lift to stock futures. A strong greenback has been a serious concern for future American earnings growth, because it hits exporters. The worst news was that William Dudley, New York Fed President dropped a hint that tighter financial conditions could make the central banks delay the upcoming interest-rate hike.