Stocks around the world climbed on Wednesday, and the S&P 500 surged toward its first gain of what’s been a dismal week.

Even the oil market gained ground. Prices for crude have been turned upside down because of how much extra oil is sloshing around following a collapse in demand. After zig zagging overnight, US oil prices jumped 27%.

The S&P 500 was up 1.5% after the first 45 minutes of trading, following milder gains in Europe and Asia. Treasury yields also inched higher in a sign of a bit less pessimism in the market.

US stocks, though, are still down about 3% for the week as a rally that had been carrying the market since late March threatens to lose steam.

The Dow Jones Industrial Average was up 367 points, or 1.6%, to 23,386, and the Nasdaq was up 1.9%.

Energy stocks led the market higher, riding the ripple of strengthening oil prices. Halliburton jumped 10% in early trading, while Schlumberger and Apache added more than 3%. All three, though, remain down more than 60% for the year so far A barrel of US oil to be delivered in June jumped $3.12 to $14.69. It had been close to flat earlier in the morning, before Trump’s tweet. The big gain, though, means it’s recovered just a fraction of its steep losses this year, particularly over the last week. It was at nearly $30 at the start of last week and $60 at the beginning of the year.

Dubai Financial Market, DFM, on Wednesday launched the UAE Index for Environment, Social and Governance, ESG, as the first index of its kind from the financial markets in the UAE and the region, aiming to measure listed companies embracing ESG best practices.

The S&P/Hawkamah UAE ESG Index is developed in cooperation with S&P Dow Jones Indices, the world’s largest and global resource for index-based concepts, data and research, as well as the Hawkamah Institute for Corporate Governance in the UAE (Hawkamah), DFM’s strategic partner in the field of promoting best practices of corporate governance amongst listed companies.

This index is supported by the UAE Securities and Commodities Authority, SCA, as Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of SCA, has approved DFM’s initiative to launch the index, as part of both sides commitment to realise leadership’s vision on boosting UAE financial markets’ competitiveness and attract further investments.

Minister Al Mansouri said that the launch of the index complements and supports SCA’s efforts in developing the supervisory regime to bring it in line with the best international standards and practices.

It will also promote the culture of governance and enhance the confidence of investors in the UAE capital market, especially after the adoption of a guide to the governance of public joint-stock companies early 2020, which regulates corporate governance and social and environmental responsibility requirements.

Commenting on this significant step, Essa Kazim, Chairman of the DFM, said, “The index provides a trusted and transparent tool that measures listed companies’ commitment to ESG. The appropriate implementation of best practices of corporate governance, disclosure and transparency as well as environmental and social commitment is essential to boost UAE markets’ competitiveness, attract further investments and sustain growth noting that investment institutions across the world are increasingly factoring these matters in investment decisions process.” For his part, Dr. Obaid Al Zaabi, SCA’s CEO, stressed that beside being an important measuring tool, the new index will help to raise awareness about the importance of putting into practice the governance principles outlined in the new guide to the governance of public joint-stock companies.

It will also help to promote the spirit of competitiveness and the compliance of the boards of listed companies with the implementation of the principles, in addition to developing benchmark indicators to evaluate the performance of these companies when it comes to their compliance with the social and environmental responsibility principles.

The S&P/Hawkamah UAE ESG inaugural index sample is consisted of 20 listed companies. It provides five years back tracking enabling market participants to access index performance since 2015. The Index is accessible through DFM’s website as well as any other data dissemination platforms.

“We’re excited to launch this new index in the UAE as more investors look to incorporate ESG best practices in their investment decisions. S&P DJI has been a pioneer in ESG indexing for more than two decades and we look forward to working with our partners and clients in the Middle East and globally to bring ESG into the core of investors’ portfolios,” said Reid Steadman, Global Head of ESG Indices at S&P Dow Jones Indices.

Other companies that have been big losers due to the coroanvirus pandemic also rose after offering some slight hints of hope.

Chipotle Mexican Grill, for example, said that a key sales figure plunged 16% in March on widespread stay-at-home orders. But it hit a bottom during the week of March 29, down 35%, and has since improved a bit. Declines the past week were “in the high teens.” Its shares rose 7.5%.

Stocks of companies that have been winners in the new stuck-at-home economy, meanwhile, are also telling investors just how much they’ve been benefiting.

WAM/ Agencies