Dow Jumps 478 Points as Oil Falls 2% and Secures Weekly Gain
Updated
Updated · CNBC · Sep 24
Dow Jumps 478 Points as Oil Falls 2% and Secures Weekly Gain
3 articles · Updated · CNBC · Sep 24
Summary
The Dow rose 478.64 points, or 0.93%, to 51,828.62 on Friday, while the S&P 500 gained 0.51% and the Nasdaq added 0.5%, capping a winning week for all three indexes.
WTI crude fell 2.33% to $92.41 and Brent dropped 2.14% to $104.32 as hopes grew that the Strait of Hormuz could reopen, easing one of the market's biggest recent pressures.
Technology shares helped drive the advance: Akamai climbed 3% after a multiyear Anthropic deal, Meta surged nearly 13% for the week, and the S&P 500 information technology sector rose 3.1%.
Treasury yields still hovered near multiyear highs, with the 10-year at 5.163% and the 30-year at 5.488%, after hawkish Fed comments, high energy prices and strong PMI data lifted October hike odds to 64%.
Investors are also watching U.S.-China talks after Washington and Beijing extended their trade truce by two months, with more negotiation details due Monday.