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Oil Rises to One-Month High as Bank of America Boosts Stocks
Oct. 18, 2011 02:29PM PST
Resource InvestingBloomberg reported that crude oil surged to the highest level in more than one month after U.S. stocks rallied as Bank of America Corp. reported better-than-estimated results.
Bloomberg reported that crude oil surged to the highest level in more than one month after U.S. stocks rallied as Bank of America Corp. reported better-than-estimated results.
As quoted in the market news:
Bank of America swung to a third-quarter profit on higher revenue, better credit quality and one-time gains. Shares jumped as much as 7.6 percent in New York trading.
“We continue to track the equity market,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “The question is how the U.S. economy is going to play out in the next few months.”