MW: Dow industrials jump triple digits as oil rallies, yen softens
U.S. stocks opened higher on Friday, as a strong rebound in oil prices and a softening Japanese yen helped calm investors’ nerves after Thursday’s selloff.
However, the main indexes were still on track to finish the week with modest losses.
The S&P 500 SPX, +0.80% climbed 12 points, or 0.6%, to 2,053, led by a 1.8% jump in the energy sector which was boosted by oil’s CLK6, +6.23% surge.
The Dow Jones Industrial Average DJIA, +0.73% gained 108 points, or 0.6%, to 17,649, led by a 1.5% gain in energy giant Chevron Corp. CVX, +1.72% and a 1.3% rise in Boeing Co. BA, +1.64%
Meanwhile, the Nasdaq Composite COMP, +0.71% advanced 28 points, or 0.6%, to 4,875 at the open.
The gains come after a downbeat day on Thursday, as investors shunned assets perceived as risky in favor of haven plays, such as the yen and gold.
But the Japanese currency USDJPY, +0.42% eased back on Friday after Japan’s finance minister Taro Aso said he may act against what he termed “one-sided” yen rises. And gold prices GCM6, +0.16% inched lower, another sign that investors were warming up to taking on more risk.