US stocks are rising as financial markets around the world rally again.
The S&P 500 was up 0.4 per cent in afternoon trading and flirting with the possibility of setting an all-time high for the third time this week and the 42nd time this year. The Dow Jones was up 281 points, or 0.7 per cent, and the Nasdaq composite rose 0.6 per cent.
The price of a barrel of benchmark US crude fell 3.1 per cent, while the international standard of Brent crude fell 2.7 per cent. That dragged Exxon Mobil’s stock down 1.4 per cent, and it was one of the heaviest weights on the S&P 500. ConocoPhillips sank 2.7 per cent. That follows a raft of announcements earlier in the week by the country’s central bank that had also sent global markets jumping. China’s economic growth has been flagging, with particular troubles in its real-estate industry, and Chinese officials appear to be making a more coordinated effort to boost it following earlier piecemeal attempts.
The hope on Wall Street is for a form of financial nirvana where the US economy’s growth can hold steady and keep profits for companies humming while the Federal Reserve continues to lower interest rates.
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