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.