Wall Street surged 2 percent on Friday to wrap up its first positive week of 2016 as a cold snap in the United States and Europe sent oil prices sharply higher.
Crude prices, recently under pressure from a global glut, recovered 9 percent as harsh winter weather boosted demand for heating oil and traders cashed in short positions following a steep drop this month.
The recent volatility has led to a spike in volume. About 9.1 billion shares changed hands on US exchanges, well above the 8.0 billion daily average for the past 20 trading days
US economic data on Friday showed existing home sales soared nearly 15 percent in December, handily beating estimates and recovering from a 10.5 percent fall in November.
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