Wall Street rebounds after big dip in oil prices

June 20th, 2008 - 7:51 am ICT by IANS  

New York, June 20 (DPA) Major US stock market indices halted a three-day slide after the price of oil fell Thursday. The price of crude oil on the New York Mercantile Exchange (NYMEX) dropped 4.75 dollars per barrel to close at $131.93 per barrel.

The oil market moved after the Chinese government announced a hike in subsidized petrol prices. China, the world’s most populous country, has one of the fastest growing economies and is the second- largest consumer of oil, trailing only the United States.

The blue-chip Dow Jones Industrial Average gained 34.03 points, or 0.28 percent, to 12,063.09. The broader Standard & Poor’s 500 rose 5.02 points, or 0.38 percent, to 1,342.83. The technology-heavy Nasdaq Composite Index leapt 32.35 points, or 1.33 percent, to 2,462.06.

The US currency edged up against the euro to 64.481 euro cents from 64.39 euro cents Wednesday. The dollar was up against the Japanese currency at 107.93 yen from 107.84 yen Wednesday.

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