Dow Jones Industrial Average Rallies As AAPL Stock, Oil Push Higher

Oil prices pushed to their highest levels since November and fueled a nearly 200-point rally for the Dow Jones Industrial Average. The rally was a welcome one after a difficult few weeks for traders over concerns regarding the health and expected growth rate of the global economy.

Here's what else you need to know about the markets on May 16, 2016.

First up, check out the results for the Dow Jones Industrial AverageS&P 500, and Nasdaq:

Dow Jones: 17,710.71; +175.39; +1.00%

S&P 500: 2,066.66; +20.05; +0.98%

Nasdaq: 4,775.46; 57.78; +1.22%

Now, here's the top stock market news today…

DJIA Today: Deals in Focus, Oil Prices Rally, Chinese Data Remains Weak

It was another day of weak economic data from China. According to April reports from China, the nation's industrial production and investment readings fell below investor expectations. The weak economic data comes despite the People's Bank of China's aggressive stimulus efforts over the last year.

On the domestic front, the Empire State general index, which measures manufacturing activity in the New York region, cratered to a negative 9 reading this month. That's a significant swing from the 9.6 rating in April and fuels existing worries about weakness in the U.S. economy. Meanwhile, the National Association of Home Builders (NAHB) announced that U.S. homebuilder confidence remained at a 58 reading, its fourth-straight month at that level.

Crude oil prices rallied higher after Goldman Sachs Group Inc. (NYSE: GS) announced that it believes the global oil glut is over, and that investors should prepare for a deficit in supply around the globe. Meanwhile, infrastructure concerns in Nigeria rattled sentiment, and pushed Brent crude higher. WTI crude added 3%, while Brent crude pushed up 2.3%. Energy stocks pushed higher thanks to more than 1% increases in shares of Chevron Corp. (NYSE: CVX) and Exxon Mobil Corp. (NYSE: XOM).

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