A rise in oil prices led to strong gains in the energy sector and modest gains across the rest of the U.S. equity market. Light crude pushed above $51/barrel as Russia agreed to support international efforts to limit supply.
The broader market reflected the comfort of higher oil prices with nearly all major averages in the green. The Industrials added 88 points by the close, with the Nasdaq and S&P up 0.7% and 0.5% respectively. Europe also posted gains while markets in Asia were mixed. The Global Dow ended the day up 0.4%.
Trading volumes were thin due to holidays in Japan, Hong Kong, and Canada. In the U.S., Treasury markets were also closed for Columbus Day.
The dollar had another strong day, rising 0.27% and continuing its upward climb.
Even with the dollar strength, precious metals mustered up gains with gold up $8.50, silver up 28 cents and platinum up 2.80. Miners gained about three-quarters of ... Log in or subscribe to continue reading.