Strong day and week for stocks and oil

February 15, 2019 - 4:16 pm

Jim Chesko reporting...

With blue chips leading the way, stocks finished the week on a very positive note. The Dow Industrials rallied 443 points, while the Nasdaq Composite gained 45. For the week, the Dow was up 3.1% and has now notched eight straight weekly gains.

A good day and a good week for U.S. oil futures as well. Prices have been lifted by recent data showing that crude output from OPEC nations continues to decline plus growing optimism about U.S.-China trade talks. March crude today rose $1.18 or 2.2% to settle at $55.59 a barrel. The contract jumped 5.4% this week.

It may be the largest retail liquidation ever. Various reports today say Payless ShoeSource will soon file for bankruptcy protection for a second time and will close all of its approximately 2,100 stores in the U-S and Puerto Rico.  

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