NEW YORK, New York – U.S. stocks cruised higher on Friday after oil prices steadied. Brent crude had hit a higher of $139 a barrel earlier in the month, but by Friday was hovering around $100 a barrel.
“At least for this week oil has found a level. That’s someway positive for the market as a rising oil price is overweighted in consumer minds as an inflationary indicator,” Steve Sosnick, chief strategist at Interactive Brokers in Greenwich, Connecticut told Reuters Friday.
“Does the market like oil around $100? No. But is it happier that it’s around $100 than going up $20 every day? Of course.”
Technology stocks, in particular, were in demand Friday, with the Nasdaq Composite surging 279.06 points, or 2.05% percent to 13,893.84.
The Dow Jones Industrial Average climbed 274.17 points, or 0.8%, to 34,754.93.
The Standard and Poor’s 500 added 51.45 points, or 1.17%, to 4,463.12.
The U.S. dollar drifted down against most currencies but rose against the Japanese yen. The yen finished at 119.17 in late New York trading Friday.
The euro perked up to 1.1951. The British pound was modestly stronger at 1.3177. The Swiss franc was firmer at 0.9317.
The Canadian dollar was little changed at 1.2604. The Australian dollar performed strongly, rising to 0.7415. The New Zealand dollar rallied to 0.6908.
On overseas equity markets, the CAC 40 in Paris, France gained 0.12 percent. The Dax in Germany rose by 0.17 percent. London’s FTSE 100 advanced 0.26 percent.
On Asian markets. the region’s best performer was the New Zealand market where the S&P/NZX 50 rose 176.89 points or 1.47 percent to 12,175.85.
Tokyo’s Nikkei 225 gained 174.54 points or 0.65 percent to 26,827.43.
The Australian All Ordinaries added 49.60 points or 0.66 percent to 7,571.20.
China’s Shanghai Composite advanced 36.03 points or 1.12 percent to 3,751.07.
In Seoul, South Korea the Kospi Composite climbed 12.51 points or 0.46 percent to 2,707.02.
The Hang Seng in Hong Kong, going against the trend, was down 38.07 points or 0.18 percent at 21,463.16.