US open: Markets trading up as crude futures soar

US stocks were trading in the green Friday, still boosted by the post-Fed rally after a quiet day for economic data.

The Dow Jones Industrial Average was up 0.10% to 17,799 early in the day, while the Nasdaq increased by 0.22% and the S&P 500 rose 0.28%.

IG market analyst Alastair McCaig said: “If US markets can get anywhere near replicating yesterday’s moves this 18,000 level will be a hurdle the Dow can clear with some ease today.”

Spreadex added that “it could only take one or two significant pieces of good news for the index to finally (and we mean finally) breach the 18,000 level.”

Meanwhile crude futures were advancing with WTI rising by 3.153% to $56.13 a barrel and Brent advancing by 2.436% to $60.75 a barrel.

Analysts were hesitant to get too excited by this, though. Spreadex financial analyst Connor Campbell said: “There is something about the US open that has been appealing to oil investors; however, crude oil has always failed to translate these afternoon rallies into strong closes, so it is unlikely that this quiet Friday will prove any different as oil heads for its fourth week of declines.”

The yield on a benchmark US 10-year Treasury was down three basis points at 2.18%.

Coca-cola was falling 0.97% after a tumultuous trading week while the retail sector seemed to be experiencing mixed trading. Mcdonald’s, Intel, Nike and Walmart were both trading in the red while Microsoft, Walt Disney and Home Depot were all making gains.