Stock futures rise despite oil market turmoil

Oil prices slipped further after hitting an all-time low this week

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U.S. equity futures are pointing to a higher open, the day after stocks suffered another nasty plunge.

The major futures indexes are indicating a rise of 1 percent when trading begins on Wednesday.

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Stocks are higher as oil prices bounced between gains and losses amid anxiety about the coronavirus pandemic's mounting economic damage.

The recent drastic fall in oil has rattled investors because it adds to evidence of the depth of a global economic downturn with factories idled and consumers ordered to stay home.

U.S. crude is now on the June contract is trading slightly lower at $11.54.

Brent crude, which is the international standard, is up more than 2 percent at $19.81, up 47 cents.

Global oil demand is set to drop to levels last seen in the mid-1990s. Producers can’t slow their production fast enough. Storage tanks are running out of room.

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In Asian markets on Wednesday, Tokyo's Nikkei fell 0.7 percent, Hong Kong's Hang Seng rose 0.4 percent and China's Shanghai Composite advanced 0.6 percent.

In Europe, London's FTSE added 1.5 percent, Germany's DAX gained 0.8 percent and France's CAC rose 0.4 percent.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES25742.65+267.63+1.05%
SP500S&P 5003080.82+25.09+0.82%
I:COMPNASDAQ COMPOSITE INDEX9608.374705+56.33+0.59%

In Tuesday's Wall Street session, the benchmark S&P 500 fell 3.1 percent, the Dow Jones Industrial Average fell 2.7 percent and the Nasdaq was off 3.5 percent.

Also Tuesday, the U.S. Senate approved a virus aid bill worth nearly $500 billion. It would provide more loans to small businesses and aid to hospitals.

Georgia’s governor, meanwhile, announced plans late Monday to allow gyms, hair salons and other businesses to reopen as early as Friday.

Still, economic data are bleak. A report Tuesday showed the steepest drop for U.S. sales of previously occupied homes since 2015.

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Pessimists say the market’s rally has been overdone and that a premature reopening of the economy could lead to only more flareups of infections.

The Associated Press contributed to this article.