US stocks rebound after Friday’s selloff

New York, Dec 22 (IANS) US stocks ended higher after heavy losses on Friday, as investors meditated on low oil prices in a holiday-shortened trading week.

The Dow Jones Industrial Average rose 123.07 points, or 0.72 percent, to 17,251.62, Xinhua reported.

The S&P 500 added 15.60 points, or 0.78 percent, to 2,021.15. The Nasdaq Composite Index gained 45.84 points, or 0.93 percent, to 4,968.92.

Some analysts believed Monday’s rally is a technical recovery from last week’s sharp sell-off.

Wall Street focussed on oil’s continued decline. Brent oil price hit an 11-year low on Monday as market worried that global supplies exceed the demand.

Overseas, European equities decreased broadly on Monday, with Germany’s benchmark DAX index at the Frankfurt Stock Exchange going down 1.04 percent, as the weakness in oil prices continued to trouble investors.

In Asia, Chinese stocks surged on Monday as heavyweight financial stocks led the gains, with the benchmark Shanghai Composite Index climbing 1.77 percent.

US stocks tumbled for the second straight session on Friday, as falling oil prices weighed on Wall Street sentiment.

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