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U.S. stocks jump on global rally, surging oil

Xinhua, May 11, 2016 Adjust font size:

U.S. stocks posted solid gains Tuesday following a global equity rally, as investors cheered over a strong rebound in oil prices.

The Dow Jones Industrial Average leapt 222.44 points, or 1.26 percent, to 17,928.35. The S&P 500 increased 25.70 points, or 1.25 percent, to 2,084.39. The Nasdaq Composite Index soared 59.67 points, or 1.26 percent, to 4,809.88.

Oil prices rebounded strongly Tuesday amid growing concerns about global crude output disruption, with Brent crude spiking more than 4 percent.

Meanwhile, investors were also encouraged by a broad-based rally in global stocks. Tokyo shares soared Tuesday on the yen's retreat against the U.S. dollar as Japan's finance minister warned again that the government could intervene in the market if the yen continued to strengthen.

Chinese stocks edged up Tuesday after recent big losses, with the benchmark Shanghai Composite Index up 0.02 percent, at 2,832.59 points.

European equities ended higher Tuesday on surging oil prices. German benchmark DAX index at Frankfurt Stock Exchange rose 0.65 percent, while British benchmark FTSE 100 Index added 0.68 percent.

On the economic front, the number of job openings was little changed at 5.8 million on the last business day of March, the U.S. Labor Department reported Tuesday.

In corporate news, shares of Credit Suisse surged 4.23 percent to 13.90 U.S. dollars apiece Tuesday after the company posted better-than-expected quarterly results. Endit