Energy stocks help market end week on up note

Stocks on Friday made their biggest gain in more than a month as oil prices surged, lifting energy stocks.

Tech stocks also climbed as Apple shares had their best day since August.

Energy companies soared after the price of U.S. crude jumped 9 percent. Oil prices reached their lowest level in 12 years earlier this week, but they jumped Thursday and Friday.

The Dow Jones industrial average rose 210.83, or 1.33 percent, to 16,093.51.

The Standard & Poor’s 500 index had its best day since early December, gaining 37.91, or 2.03 percent, to 1,906.90.

The Nasdaq composite index had its biggest gain since September, adding 119.12, or 2.66 percent, to 4,591.18.

The markets rose this week for the first time in four weeks as the prospect of economic stimulus in Europe helped put investors in a buying mood following a dismal beginning to the new year. In Japan, the Nikkei 225 index had its best day in four months as investors hoped the Bank of Japan will also step in.

While the two-day surge may have investors hoping the worst is behind them, Jim Paulsen, chief investment strategist for Wells Capital Management, said he still thinks the S&P 500 will slide to around 1,800 before a real recovery comes. That’s below even the darkest moments from Wednesday’s swoon.

“It’s going to continue to be a struggle,” he said. “Everyone will be convinced we’re heading for recession. Everyone will be convinced we’re in a bear market.”

There was little trace of that view on Friday. U.S. crude rose $2.66 to $32.19 a barrel in New York. Brent crude, a benchmark for international oils, rose $2.93, or 10 percent, to $32.18 a barrel in London. U.S. oil climbed 21 percent over the last two days and has recovered about half its losses from earlier in the year.

This story was originally published January 22, 2016 at 5:36 PM with the headline "Energy stocks help market end week on up note."