Oil Prices Balance Out, Stocks Increase

Oil Prices Balance Out, Stocks Increase

As the price of oil rounded out to the lowest it has been in six years on January 7th, the stock market in the United States turned upward. Figures show that businesses in the country are hiring more workers, providing hope that the economy is indeed improving.



The three main players in the stock market have seen increases and are offering encouragement for the future. The Standard & Poor's 500 climbed twenty-three points to 2,025. The Dow Jones Industrial went to 17,567, increasing by 188 points. Nasdaq's average saw an uptick of 55 points, to 4,649.



According to the ADP, businesses in the United States hired 241,000 workers last month, up from 227,000 the month before. Analysts seem optimistic about stock market investments for the new year, citing the gains in jobs, reports from corporations, and the growth of the economy.



With prices nearing their lowest in six years, crude oil steadied out at $48.69 per barrel. With an increase in supplies, oil costs have lowered by more than fifty percent since June. With the decreased prices, businesses and consumers are seeing energy costs that are more affordable. Even so, some experts have their doubts that this could be an omen of economic weakness globally.



Abroad, European consumers are seeing the results from lessening oil prices. Purchasing costs in December decreased by 0.2 percent; the first such occurrence in five years. However, Europe continues to suffer from a struggling economy, placing more pressure on the European Central Bank to take more action.

 

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