Asian Stocks Finish Higher

On Wednesday, stocks in the U.S. rallied to close with solid gains. The Dow Jones Industrial Average finished up 247.14 points, or 2.9%, at 8726.14, and the S&P 500 added 30.29 points, or 3.5%, at 887.68. The Nasdaq led the move higher with a gain of 67.37 points, or 4.6%, at 1532.10. The day's gains marked the fourth straight winning session for the Dow and the S&P 500.

Oil prices fell below $54 a barrel Friday in Asia as a gloomy outlook for global crude demand overshadowed hopes OPEC will announce a production cut this weekend.

Light, sweet crude for January delivery was down 95 cents to $53.45 a barrel in electronic trading on the New York Mercantile Exchange. Trading was closed Thursday in the U.S. for the Thanksgiving holiday.

Oil prices have fluctuated between $50 and $55 this week, pausing after a fall of more than 60% since reaching a record $147.27 in mid-July.