U.S. stocks jump on dollar and oil moves - International Herald Tribune

U.S. stocks jump on dollar and oil moves - International Herald Tribune: "NEW YORK: Oil prices resumed their descent Friday as a strengthening dollar and worries about economic growth offset supply concerns over a sabotaged pipeline in Turkey.

The sharp drop in oil prices helped to drive up the Dow Jones industrial average by almost 190 points. The oil price decline eased worries over a quarterly loss from the mortgage finance company, Fannie Mae, that was more than triple what Wall Street expected.

Light, sweet crude for September delivery slumped $2.11, to $117.91 a barrel in early trading on the New York Mercantile Exchange, after dipping as low as $117.05 in electronic trading.

Also pushing down the price of oil was the dollar increasing in value against the euro and yen after the European Central Bank and the Bank of England left their benchmark interest rates unchanged .

'The dollar is a factor, but the dominant factor is the perception that high oil prices coupled with slower economic growth in developed countries will curb oil demand,' said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney. 'Oil prices are still at very high historical levels.'"