08 Mar '11, 10pm

US stocks surge as oil prices ease

US stocks surge as oil prices ease

NEW YORK: US stock markets surged on Tuesday as oil prices fell back and traders took note of more upbeat small-business sentiment in the United States. The major indexes bounced up from the break-even point as oil prices fell, mirroring fast-moving events in Libya and the Middle East. The Dow Jones Industrial Average added 124.35 points (1.03 percent) in closing trades to reach 12,214.38. The S&P 500 index, a broader measure of the markets, rose 11.69 points (0.89 percent) to 1,321.82, while the tech-rich Nasdaq Composite climbed 20.14 points (0.73 percent) to 2,765.77. Saudi Arabia's assurances that it would counter any disruptions of the global oil market pushed crude prices down on Tuesday, but Libya's ongoing turmoil kept a floor on the market. New York's main contract, West Texas Intermediate for delivery in April, lost 42 cents to settle at $105.02 a barrel, boostin...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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