Two key economic indicators for the recreational vehicle industry showed positive trends Wednesday (March 30), which sent stocks soaring.
Oil prices dipped to below $53 a barrel before rallying late to settle at $53.99 a barrel on the New York Mercantile Exchange.
The fluctuation was triggered by a U.S. government report that showed a large increase in crude inventories coupled with indications from OPEC that the world’s petroleum supply is adequate to meet demand.
Investors also reacted to a lower-than-expected Gross Domestic Product (GDP) report, indicating that a more moderate pace of economic growth would keep inflation in check and forestall faster interest rate hikes.
“Normally you wouldn’t see this GDP report as a good thing, but with inflation out there, a little bit less growth is viewed as a positive,” said Larry Peruzzi, senior equity trader at The Boston Company Asset Management in an Associated Press report. “It cools things down just enough, without getting too cold.”
As a result, the Dow Jones Industrial Average posted its biggest one day gain in four months, climbing 135 points to an unofficial close of 10,540. The Nasdaq Composite Index jumped 31.79 points to 2,005.67 while the S&P 500 Index was up 16.10 points at 1,181.46.