U.S. stocks opened higher on Friday boosted by rallying crude oil prices which is up 5 percent after some optimism was digested about economic activity in the U.S. and Germany and ahead of an oil meeting in Doha on April 17th between OPEC and non-OPEC Russia about freezing oil production levels.
Fed Chair Janet Yellen said yesterday that the U.S. is on the path of more economic growth and comments from previous Fed chairmen who were gathered with her suggested the U.S. economy is not in a bubble.
Moody’s said that Germany’s economy is excepted to accelerate to 1.8 percent in 2016 while citing robust domestic demand supported by its solid labor market and drop in oil prices.
N.Y. Fed President William Dudley said today in a speech that risks are slightly tilted to the downside and continued a dovish sentiment when he said a “cautious and gradual approach to policy normalization is appropriate.”
Futures for sweet crude in May on the New York Mercantile Exchange ( WTI) are up 5.23 percent while Brent Crude is 4.39 percent higher.