NEW YORK (AP) – Stocks are opening sharply higher on Friday following a rally in Europe and an upturn in crude oil prices. All 10 industry sectors of the Standard and Poor’s 500 index rose, led by energy company shares. Anadarko Petroleum rose 6.5 percent and Devon Energy gained 8 percent.
KEEPING SCORE: The Dow Jones industrial average climbed 175 points, or 1 percent, to 17,170 as of 10:03 a.m. Eastern time. The Standard & Poor’s 500 index gained 20 points, or 1 percent, to 2,009. The Nasdaq composite climbed 50 points, or 1.1 percent, to 4,712.
BOTTOM FOR OIL? U.S. crude added 91 cents to $38.75 per barrel on the New York Mercantile Exchange after the International Energy Agency said “there are signs that prices might have bottomed out.” U.S. crude has risen 47 percent from a recent low of $26.21 exactly one month ago. Brent crude, which is used to price international oils, gained 68 cents at $40.73 a barrel.
EUROPE JUMPS: European markets rose sharply as investors hoped that the European Central Bank’s latest blast of stimulus policies would help revive the region’s economy. Germany’s DAX gained 3.3 percent, France’s CAC 40 advanced 3.1 percent and Britain’s FTSE 100 rose 1.8 percent. Shares in banks, which will be supported by the ECB loans, were among the biggest gainers on Friday.
SECOND THOUGHTS: Stocks had fallen on comments by ECB chief Mario Draghi on Thursday that underscored the weakness of the 19-country eurozone economy and the desperation of monetary authorities to act. The ECB moves included three interest rate cuts, loans to banks, and an expansion to a bond-buying stimulus program.