Wall St. Rises on Energy Rally
- 8 years ago
United States markets were climbing on Tuesday as the price of oil made another abrupt reversal, rising about 5 percent after falling about the same amount a day ago.
Bank shares were also climbing, and consumer stocks received a lift from strong fourth-quarter results from companies like Procter & Gamble and the handbag maker Coach.
KEEPING SCORE In early afternoon trading, the Dow Jones industrial average rose 1.7 percent and the Standard & Poor’s 500-stock index gained 1.4 percent.
The Nasdaq composite index rose 1.2 percent.
Energy stocks climbed as the price of United States crude oil rose $1.49 to $31.83 a barrel in New York.
It fell almost 6 percent on Monday.
Brent crude, a benchmark for international oils, gained $1.62 to $32.12 a barrel in London.
Exxon Mobil shares picked up 3.4 percent, and shares of Chevron rose 4.1 percent.
Bank shares were also climbing, and consumer stocks received a lift from strong fourth-quarter results from companies like Procter & Gamble and the handbag maker Coach.
KEEPING SCORE In early afternoon trading, the Dow Jones industrial average rose 1.7 percent and the Standard & Poor’s 500-stock index gained 1.4 percent.
The Nasdaq composite index rose 1.2 percent.
Energy stocks climbed as the price of United States crude oil rose $1.49 to $31.83 a barrel in New York.
It fell almost 6 percent on Monday.
Brent crude, a benchmark for international oils, gained $1.62 to $32.12 a barrel in London.
Exxon Mobil shares picked up 3.4 percent, and shares of Chevron rose 4.1 percent.