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Overnight Markets: Wall Street rallies as oil surges
Apple jumped 1.80% and was the biggest influence on the S&P 500 and Nasdaq following a recent selloff over concerns about potentially soft iPhone sales.
Wall Street climbed sharply on Tuesday as a rebound in oil prices helped reinvigorate bullish sentiment and tech stocks surged led by Amazon and Apple.
The Dow Jones industrial average ended 1.1% higher at 17,721 points while the S&P 500 gained 1.06% to 2,078. The Nasdaq Composite added 1.33% to 5,108.
Some energy companies rose sharply as oil and natural gas prices rallied on the prospects of colder weather in Europe and North America. Chesapeake Energy Corp. rose 13%, the biggest gainer in the S&P 500. Consol Energy gained 4.7%.
Shares of Freeport-McMoRan Inc. rose 1.8%, recovering some of Monday’s losses when the mining company said Chairman James R. Moffett would resign. Shares are off 7.9% this week.
Meanwhile, some basic materials companies dragged on indexes. Shares in Anglo American PLC declined 6.3%, while those in ArcelorMittal SA lost 2.4% and Rio Tinto PLC fell 1.4%.
The technology sector registered its strongest performance since the start of the month. Following a recent selloff over concerns about potentially soft iPhone sales, Apple (AAPL.O) jumped 1.80% and was the biggest influence on the S&P 500 and Nasdaq.
Amazon (AMZN.O) climbed 2.78% after the online retailer recorded more than 3 million new Prime memberships in the third week of December. Shares of Alphabet Inc. advanced 1.5%
The health index jumped 1.22%, led by a 1.26% gain in Pfizer (PFE.N).
Pep Boys (PBY.N) rose 8.79% after the auto parts retailer's board found Carl Icahn's latest offer superior to the deal it accepted from Japan's Bridgestone.
Data on Tuesday indicated consumer sentiment was improving, with the Conference Board's index of consumer confidence for December up at 96.5, beating the 93.8 expected.
In Asia, stocks erased early gains on Wednesday, as weakness in Chinese stocks continued and investors turned cautious following renewed selling in recently battered crude oil futures.
Japan's Nikkei ended the country's final trading day of the year up 0.3%, off session highs but still gaining 9.1% for 2015. But it shed 3.6% in December. Australian shares outperformed, rising 1% to mark their ninth consecutive day of gains.
South Korea's Kospi dipped 0.3%. Hong Kong's Hang Seng fell 0.4%, while the Shanghai Composite added 0.1%, ahead of December manufacturing activity surveys which are expected to show Chinese economy remains sluggish.
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by Gavin Lumsden on Oct 26, 2016 at 14:01