US Close 17 Feb 16: Dow up over 200pts after Presidents’ day break, but oil still down.

US sharemarkets rose again on Tuesday. Investors scoured for bargains amongst stocks that have been beaten down in the early months of 2016. According to the Bank of America Merrill Lynch February global fund managers survey, investors are holding the most cash since November 2001. Investors were watching the attempts by oil producers to stabilise oil prices. At the close, the Dow Jones index was up by almost 223 points or 1.4% with the S&P 500 index up by 1.7% and the Nasdaq was higher by 98 points or 2.3%.

Global oil prices fell as key producers attempted to stabilise prices near current levels. Russia and Saudi Arabia have vowed to keep production at January levels but only if other key producers make similar commitments. Brent crude fell by US$1.21 or 3.6% to US$32.18 a barrel. US Nymex fell by US40c or 1.4% to US$29.04 a barrel.

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