View the article online at http://citywire.co.uk/money/article/a876319
Overnight Markets: Wall Street gains as energy shares rebound
The Dow Jones posted its strongest gain in more than seven weeks amid a rebound in oil prices.
US stocks ended sharply higher on Tuesday, with the Dow Jones Industrial Average posting its strongest gain in more than seven weeks, as energy shares soared amid a rebound in oil prices.
The Dow gained 282 points, or 1.8%, to 16,167. The Standard & Poor’s 500 Index added 27 points, or 1.4%, to 1,903. The Nasdaq Composite Index increased 1.1%. The Nasdaq Composite reversed early losses to close up 49 points, or 1.1%, at 4,567.
The energy sector led gains for the S&P as it surged 3.8%. Energy-infrastructure company Williams Companies Inc. was up 11.5%, while Chesapeake Energy Corp. gained 8.1% and Dover Corp. climbed 5.7%.
The energy companies also buoyed the Dow industrials, with Chevron Corp. up 4%, posting the benchmark’s third-best performance.
Proctor & Gamble Co., 3M and Johnson & Johnson rose at least 2.5% after their quarterly profits beat analysts’ estimates. Sprint Corp. surged 19% after posting a smaller-than-estimated loss and gaining subscribers for a fifth straight quarter.
Apple Inc. was little changed in late trading after its earnings report.
DuPont Co.’s shares rose 0.9% after revenue missed expectations. Shares of American International Group Inc. added 1% after the insurance company said it would sell its broker-dealer network, conduct a partial spinoff of its mortgage-insurance unit and more aggressively cut costs.
Fresh economic data from the S&P/Case-Shiller home price index showed that US home prices accelerated at their fastest pace in 16 months during November.
In Asia, stocks rose on Wednesday in morning session after a rally in US equities, with Japanese shares jumping and industrial companies leading gains.
Japan’s Nikkei Stock Average 225 surged 2.56% as of 12.10 p.m. in Tokyo. Australia’s ASX All Ordinaries Index fell 0.67%. In South Korea, Kospi Index added 0.87%, while Singapore’s Straight Times Index was up 0.75%.
In China, the Shanghai Composite Index fell 1.00%, while Hong Kong’ Hang Seng Index was trading 1.24% higher.
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by David Kempton on May 24, 2016 at 17:15