After a very rough start in 2016, Wall Street has finally managed to take a breather on Wednesday, as crude oil prices showed some recovery and Chinese trade data showed positive figures, according to Reuters. For the first time in eight days, crude prices rose up 0.7 percent, to $30.60 a barrel on the New York Mercantile Exchange, bouncing back from a 3.1 percent loss on Tuesday, where the price per barrel of crude oil dropped as low as $30.44.
Brent Crude, the benchmark for international oils, also rose 0.6 percent, ending thew day at $31.13, reports The New York Times.
There is also significant optimism over China's economic status, after a report from the Finance Ministry, released on Wednesday, revealed a 1.4 percent drop in exports last December, far below the 8.0 percent drop that analysts have feared.
The world's second-biggest economy registered a four percent fall in imports as well, which is also significantly less than what was initially estimated by finance analysts.
The Dow Jones industrial average also gained 0.7 percent, ending at 16,516.22, while the Standard & Poor's 500 rose 0.8 percent, to 1,938.68. The NASDAQ composite also exhibited a full 1 percent rise, ending at 4,675.92, according to the Pittsburgh Post-Gazette.
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