Dow Notches Weekly Win as Bulls Up Bets Into Close

  • Date: 27-Mar-2021
  • Source: Investing.com
  • Sector:Oil & Gas
  • Country:Gulf
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Dow Notches Weekly Win as Bulls Up Bets Into Close

© Reuters.







By Yasin Ebrahim

Investing.com – The Dow racked up gains Friday, as late flourish of buying pressure lifted broader market to notch a weekly win, with energy and technology leading the charge.   

The rose 1.39%, or 452 points, the was up 1.24%, the was up 1.67%.

Energy stocks racked up gains as oil prices rose 4% over the ongoing Suez Canal saga that some estimate is disrupting hundreds of thousands of barrels a day from being transported via the key shipping route.

More than 600,000 barrels a day of Middle East oil destined for the U.S. and Europe and about 850,000 barrels of crude to Asia are transported though the Suez, according to ACM Shipbroker.

While the boost to oil prices from transport disruptions will be temporary, Wall Street continues to suggest that oil prices will head higher as major oil producing countries will refrain from ramping up production too quickly.

"[W]e expect a slower ramp-up in OPEC+ production this