Stocks Jumped as Oil Rallied

U.S. stocks jumped in the early trading on Friday, helped by a surge in crude oil and Federal Reserve Chair Janet Yellen’s comments pointing to resilience in the U.S. economy. The Dow Jones Industrial Average lately gained 141.70 points, or 0.81%, to 17,683.66. The S&P 500 climbed 17.33 points, or 0.85%, to 2,059.24, The Nasdaq Composite Cadvanced 39.81 points, or 0.82%, to 4,888.18.

Oil prices rose on Friday, lifted by hopes that a punishing global excess of crude oil could be nearing a tipping point and firm economic indicators from the United States and Germany that cast a positive light on growth in fuel demand. Brent futures were $1.85 higher at $41.28 by 1306 GMT. Front-month U.S. West Texas Intermediate (WTI) crude futures (CLc1) were trading $2 higher at $39.26 a barrel.

Yellen, in a rare appearance with former Fed chairmen on Thursday, said the U.S. economy was on a solid course with some hints of inflation, putting the central bank on track for a gradual increase in interest rates this year.

The commercial real estate market is a potential asset bubble that “bears watching,” said Kansas City Fed President Esther George on Thursday, pressing her case for the U.S. central bank to “stay the course” and gradually raise interest rates.

Twitter (TWTR) appointed Hugh Johnston and Martha Lane Fox to serve as members of the Board, effective immediately. Mr. Johnston and Ms. Lane Fox will serve in the class of directors whose term expires at the annual meeting of stockholders to be held in 2016 and 2018, respectively. The Board appointed Mr. Johnston to the Audit Committee and, effective following Twitter’s 2016 annual meeting of stockholders, as chair of the Audit Committee.