Stocks could have a fourth straight positive day, with futures higher ahead of the opening bell on Thursday.
Near 8:19 a.m. ET, Dow futures were up 54 points, S&P 500 futures were up 5 points, and Nasdaq futures were up 17 points — all under 0.5%.
The Dow achieved a record yesterday, as it closed up by more than 200 points for a third straight day for the first time.
The rally we’re seeing this week is in contrast to last week, when stocks fell to two-year lows. Since the low before the three-day rally Thursday, the Dow was up about 5% as at Wednesday’s close.
But for the year, the Dow was down 5.6%.
Crude oil prices are also continuing to rise Thursday, with West Texas Intermediate crude futures in New York up by as much as 2.5% to $31.43 per barrel.
Oil has rallied 3% this week as Saudi Arabia and other OPEC members announced a production freeze agreement which Iran — which was ramping up production for post-sanction exports — reportedly also agreed to.
The Energy Information Administration will release weekly inventories data at 11 a.m. ET. On Wednesday evening, the American Petroleum Institute reported a draw by 3.3 million barrels.
In economic data, the Philly Fed‘s manufacturing outlook and initial jobless claims numbers are due at 8:30 a.m. ET.
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