View the article online at http://citywire.co.uk/money/article/a884724
Overnight Markets: US stocks close higher as oil steadies
Some stabilisation in oil prices helped reduce investors' fears about banks' vulnerability to energy companies struggling to pay their debts.
Wall Street closed higher on Wednesday after a late-session rally as some stabilisation in oil prices helped reduce investors' fears about banks' vulnerability to energy companies struggling to pay their debts.
The Dow Jones industrial average rose 0.32% to end at 16,485 points and the S&P 500 gained 0.44% to 1,930. The Nasdaq Composite added 0.87% to 4,543.
The S&P energy sector gained 0.9%, trimming its loss in 2016 to 27% after US crude futures settled nearly 1% higher.
The S&P financial sector, already the worst performing sector this year, fell 0.2%, with shares of Wells Fargo (WFC.N) down 1.02%.
JPMorgan (JPM.N) ended flat after it flagged declining investment banking revenue and raised its provisions for energy loan losses.
Facebook (FB.O) rose 1.34% and Apple (AAPL.O) added 1.49%. Concerns about slowing iPhone sales had pushed Apple's stock down 19% in the past three months.
After the bell, Salesforce.com (CRM.N) surged 6% after its fourth-quarter results reduced fears of a slowdown in software spending.
During the session, Target Corp (TGT.N) climbed 3.99% after its quarterly sales showed the store's turnaround efforts were gaining traction.
Ford (F.N) declined 2.74% and General Motors (GM.N) lost 1.84% after Credit Suisse said it was a "poor time" to own auto stocks.
In Asia, shares traded mixed on Thursday in late morning trade following Wall Street's reversal of sharp intraday losses overnight on the back of higher oil prices.
China's Shanghai composite was lower by 1.22%. Hong Kong's Hang Seng Index was down 0.65%, while the Japanese benchmark Nikkei 225 index was up about 0.5%. Across the Korean Strait, the Kospi gained 0.41%.
Australia's S&P/ASX 200, which saw gains of 0.37% early on, lost support and traded down 0.1%.
News sponsored by:
After Boris announced he was backing Brexit, sterling suffered its biggest slump in six years. Our Market Mavens discuss. Follow the Market Mavens LinkedIn page for weekly videos, in which our panel of industry experts share their views on financial news
The Citywire guide to investment trusts
In association with Aberdeen Asset Management
More about this:
Tools from Citywire Money
From the Forums
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add email@example.com to your safe senders list so we don't get junked.