Dow recovers for 2015 as oil shares rebound
NEW YORK — The Dow Jones shoved back into positive zone for 2015 on Monday, boosted by a technical rebound in crude shares, and the picture indicating a seven-year peak in US development spending.
The Dow’s Industrial Average hiked 165.22 points (0.94%) to 17,828.76, maneuvering the blue-chip index into black for this year. The diverse S&P 500 gained 24.69 points (1.19%) at 2,104.05, while the technology-rich Nasdaq Composite Index leaped by 73.40 points (1.45%) to 5,127.15.
September allocation on building new highways, shelters, and other projects occurred at an annual step of 1.09 trillion US dollars, the crown level since March 2008. That outweigh a blind reading from the Institute for Supply Management on manufacturing sector activity.
Experts said amass in Dow members Chevron (+4.5%) and ExxonMobil (+3.1%) were due to technical influences; the gains in those and other oil shares came as petroleum prices fell.
Tech shares were also sound, with Facebook, Google, Apple, and Microsoft all adding more than one percent.