US Close 13 Jan 16: US stocks strong lift in the last hour of trade Dow up 117pts.

US sharemarkets closed higher in volatile trade on Tuesday. The Dow Jones rose 193 points in early trade but was down 76 points in afternoon trade. The energy sector continued to drag on the market as oil prices continued to fall. At the close of trade the Dow Jones was up by 118 points or 0.7%. The S&P 500 was up by 0.8% while the Nasdaq was up by 48 points or 1.0%.

Global oil prices fell again on Tuesday. The United Arab Emirates oil minister was reported as saying that the current OPEC strategy was working. And trade sources said Iraq plans record oil exports of around 3.63 million barrels per day in February. Brent crude fell by US69c or 2.2% to US$30.86 a barrel with US Nymex lower by US97c or 3.1% to US$30.44 a barrel.

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