U.S. stocks ended sharply higher Friday, scoring their first weekly gain of the new year, as oil futures surged and investors were encouraged by hints of potential central-bank stimulus in Europe and Japan after a tough week for global markets. The S&P 500 closed up 38 points, at 1,906, with all 10 of its main sectors in positive territory, led by energy and tech. The Dow closed 211 points higher, at 16,093. The Nasdaq gained 119 points to 4,591.
More investors are losing faith in old fashioned money managers, as financial markets sputter. Clients yanked $207 billion in 2015 from US based mutual funds that hand pick their positions, while pouring $414 billion into funds that mimic broad indexes for a fraction of the cost, according to Morningstar.
A wave of selling has taken Europe’s corporate-bond market to levels typically seen during recessions, another indication that the turmoil in global markets could spread into the wider economy.
Listen in for much more in A Wall Street Wrap-up.
