The Bull

Wednesday 14

November, 201810:42 PM



US stocks boosted by oil shares

US stocks boosted by oil shares

Wall Street stocks rose Tuesday despite lingering trade tensions, with petroleum-linked shares rallying with oil prices.

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27.06.2018 08:43 AM

Wall Street stocks rose Tuesday despite lingering trade tensions, with petroleum-linked shares rallying with oil prices.

The Dow Jones Industrial Average advanced 0.1 percent to 24,283.11.

The broad-based S&P 500 gained 0.2 percent to 2,723.06, while the tech-rich Nasdaq Composite Index rose 0.4 percent to 7,561.63.

"For as much as we sold off yesterday, it's not that much of a rally," said Karl Haeling of LBBW, adding that fallout from a series of trade tariff announcements and threats was weighing on sentiment.

"The lack of a rally probably shows that investor confidence has been shaken more than previously," Haeling said.

Oil prices jumped after the US State Department said countries around the world would be sanctioned if they did not halt Iran oil purchases by November 4.

Dow members Exxon Mobil and Chevron both rose more than one percent, while Apache gained 2.4 percent.

Several large technology companies also had a good session, including Apple and Amazon, which both won more than one percent and Netflix, which surged 3.9 percent. 

General Electric surged 7.8 percent as it announced plans to divest its healthcare business and separate itself from the Baker Hughes oil services company, in which it owns a majority stake. 

The industrial giant, which was removed from the Dow Jones index in a transition that took effect on Tuesday, said the new design would make it "simpler and stronger."
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