Wall Street fights back on decent U.S. data and a rally in oil above $50.00 WTI

Wall Street has been quite a roller coaster this week so far as we head towards the key event on Friday being the nonfarm payrolls events, which is likely the most key release from American data in the last 11 months.

WTI set sails to $50.00 on EIA’s report

At the end of the week, nonfarm payrolls will be key to whether the market will price in a 2016 Fed hike or not, making it a crucial event for all markets, including U.S. stocks that today managed to rebound from two consecutive days of losses. Stocks rallied on the back of a pick up in demand and a rally in oil prices along with better U.S. data. The Institute for Supply Management’s services index jumped to 57.1 in September from 51.4 in August while oil prices climbed further on the back of the crude oil supplies falling for fifth straight week in a row allowing for WTI to reach through the $50 mark at $50.28bbls spot. The S&P 500 managed to run up 9 points, or 0.4%, to close at 2,159 while the Dow Jones Industrial Average climbed 110 points, or 0.6%, to close at 18,279. The Nasdaq Composite Index made a further 26 points, or 0.5%, to close at 5,316.