Market Roundup: First Weekly Gains in a Month

Economy/Stock Market

After the Martin Luther King, Jr. federal holiday on Monday, U.S. stocks enjoyed their first week of gains in a month. The markets closed Tuesday mixed, as the Dow’s turbulent session ended with gains. The S&P 500 ticked up slightly while the NASDAQ shed some points. Shares rose in Asia and Europe on Tuesday after China released economic growth figures and Brent crude oil, the global benchmark, climbed. In the United States, however, oil prices and energy shares retreated, leaving the broader market with only minuscule gains after a morning rally. Mid-week, the markets closed well into red territory after a new low in crude oil. Oil’s plunge, now in its 19th month, largely has been driven by oversupply during a production boom in the United States. Also, Economic data released Wednesday showed a slight decrease in the Consumer Price Index; however, all items less food and energy rose 0.1% in December, its smallest increase since August. Reports also showed an unexpected drop in housing starts in December. The index reversed course on Thursday, as markets were positive after a rebound in crude oil prices. Additionally, Labor Department figures showed 293,000 initial jobless claims for last week. Friday’s rally pushed the markets higher for the week.