U.S. stocks finally got some reprieve during Friday trading after days in the losing streak, with the Dow Jones Industrial Average ending a five-day plunge, jumping 314 points, or two percent, closing at the day at a relatively impressive 15,974 points, according to Barron's.
The surge was not confined to the Dow Jones industrials, however, as the Standard & Poor's 500 was also up by two percent by the end of the day's trading, and the NASDAQ Composite Index rose 1.7 percent.
Part of the reason behind Friday's impressive rally was the sector that was largely responsible for most of the plunges in recent months - the oil sector. After months of severe decline, oil prices recovered a little, going beyond $29 a barrel after news broke that the OPEC is finally "ready to cooperate" on output cuts, reported The Indian Republic.
Apart from the oil sector, recent developments in the banking sector also helped push the market up. For one, German bank Deutsche Bank announced that would be buying back more than $5 billion in debt to cool market jitters.
Also, American bank JPMorgan CEO Jamie Dimon also impressed investors by buying 500,000 of his company's stock, reported USA Today.
With the performance of the U.S. stock market on Friday, Fed Chair Janet Yellen's testimony before Congress on Thursday, when she voiced confidence in the country's economy despite overlying risks in global trends, might not be too far-fetched, after all.
Check out more Business News here.
