US stocks rally

New York, Jan 22 (IANS) US stocks rebounded amid rising oil prices as comments from the European Central Bank (ECB) president Mario Draghi signalled further stimulus.

The Dow Jones Industrial Average added 115.94 points, or 0.74 percent, to 15,882.68 on Thursday, Xinhua news agency reported.

The S&P 500 rose 9.66 points, or 0.52 percent, to 1,868.99. The Nasdaq Composite Index edged up 0.37 point, or 0.01 percent, to 4,472.06.

The ECB held its key interest rates at record low levels on Thursday and planned to “reconsider” its monetary policy early March in a bid to lift weak inflation and stimulate the economy.

“It will therefore be necessary to review and possibly reconsider our monetary policy stance at our next meeting in early March,” Draghi said.

“Work will be carried out to ensure that all the technical conditions are in place to make the full range of policy options available for implementation, if needed,” the ECB president added.

Draghi’s remarks suggested that the ECB is willing to offer more stimulus at its next meeting in March, according to the Wall Street Journal.

Oil prices rebounded strongly on Thursday, with both the US oil and Brent crude surging over 4 percent, as traders started to buy the dips despite persistent oversupply worries.

The West Texas Intermediate for March delivery moved up $1.18 to settle at $29.53 a barrel on the New York Mercantile Exchange, while Brent crude for March delivery added $1.37 to close at $29.25 a barrel on the London ICE Futures Exchange.

On Wednesday, the West Texas Intermediate for February delivery settled at $26.55 a barrel on the New York Mercantile Exchange, its lowest level since May 2003.

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