It seems to be the case nearly every day on Wall Street that when the price of oil drops so does the market but when the price of oil rises- the market advances with it, and that was the situation today. Oil closed up 2.86% after a report that OPEC members and Russia had agreed to meet in March to discuss capping crude production at January levels. All three major indexes bounced around today after an unexpected rise in durable goods.
The Commerce Department said that orders for durable goods, items ranging from food processors to automobiles meant to last three years or more, rose 4.9 percent last month, reversing December’s 4.6 percent fall. & January’s increase was the largest since March.
However, a historically accurate recession indicator is now showing itself in the U.S. economy.
See more below.
Here are the final numbers from Thursday, 2/25/16 on Wall Street
Dow Jones Industrial Average: 16,697.29 (+212.30 / +1.29 %)
NASDAQ: 4,582.21 (+39.60 / +0.87 %)
S&P 500: 1,951.70 (+21.90 / +1.13 %)