Oil price drop and BofA forecast lift Wall Street

first_imgTuesday 8 March 2011 7:09 pm KCS-content whatsapp Tags: NULL AN upbeat profit forecast from Bank of America and a pullback in oil prices lifted Wall Street out of the technical danger zone yesterday in another sign of the market’s near-term resilience.The S&P 500 jumped back above a six-month trend line after closing just below it on Monday. Holding this level is a sign of strength, but traders will grow wary the more it is tested.Similarly, the Nasdaq composite index rallied from its 50-day moving average in another indication of an uptrend, although trading volume was lacklustre.Bank of America shot up 4.7 per cent to $14.69 after it forecast pre-tax profit of about $40bn annually longer term, higher than some investors had expected.Financial shares led gainers, with the S&P financial index up 2.2 per cent. Oil prices pulled back, with Brent crude down nearly 2 per cent at $113.06 a barrel after Kuwait’s oil minister said OPEC was in discussions to increase production. The Dow Jones industrial average gained 124.58 points, or 1.03 per cent, to 12,214.61. The Standard & Poor’s 500 Index added 11.69 points, or 0.89 per cent, to 1,321.82. The Nasdaq Composite Index rose 20.14 points, or 0.73 per cent, to 2,765.77. Oil price drop and BofA forecast lift Wall Street Share Show Comments ▼ More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com whatsapplast_img

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