Wall Street eyes Day 2 of relief rally as key oil producers signal production freeze
U.S. stocks are pointing to another sharp relief rally when traders return from the long weekend as Wall Street reacts to news that Saudi Arabia, Russia, Qatar and Venezuela have agreed to cap crude production at January levels if other major producers, such as Iraq and Iran, follow suit.
Sinking oil prices, of course, have been a major cause of financial market turbulence to start 2016, as it has caused sharp drops in both the share price and earnings of oil-related stocks that resulted in negative ripple effects around the globe, including rising fears of recession. The tentative move to... read more
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