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Overnight Markets: Wall Street rallies, led by energy shares

Stocks gained further after minutes from the Federal Reserve's January policy meeting were released in the afternoon.

 
Overnight Markets: Wall Street rallies, led by energy shares

Wall Street rallied for third session on Wednesday, led by energy stocks as oil prices jumped, while better-than-expected economic data helped allay growth concerns.

The Dow Jones industrial average rose 257 points, or 1.59%, to 16,454, the S&P 500 gained 31 points, or 1.65%, to 1,927 and the Nasdaq Composite added 98 points, or 2.21%, to 4,534.

Energy stocks gained the most with oil prices rising 7% on Wednesday after Iran voiced support for a Russia-Saudi-led move to freeze production. Economic data also showed US industrial production in January rose by the most in 14 months.

Shares gained further after minutes from the US Federal Reserve's January policy meeting were released in the afternoon.

The minutes showed Fed policymakers worried last month that tighter global financial conditions could hit the US economy and considered changing their planned path of interest rate hikes in 2016.

Kinder Morgan shares rose 10% and led a rally in energy infrastructure-tied companies after Berkshire Hathaway disclosed a stake in the pipeline operator. Chevron Corp. gained 4.1% to a one-month high.

Priceline closed 11.2% higher after the travel websites operator's profit beat expectations. Fossil surged 28.6% after the watchmaker's quarterly results beat estimates.

In raw-materials, Freeport-McMoRan Inc. rallied 12% after filings showed Carl Icahn boosted his stake in the copper producer. DuPont Co. rose 3%, trimming its drop this year to 9% after losing as much as 23%.

Elsewhere, Citigroup Inc. and Bank of America Corp. increased more than 2.2% as lenders posted their best three-day rally in more than five years.

Bloomin Brands Inc., operator of Outback Steakhouse and Bonefish Grill restaurants, sank 11%, the steepest in 18 months, after quarterly results missed forecasts. The company also plans to close 14 Bonefish locations.

In Asia, shares gains on Thursday in morning session, following a higher finish on Wall Street overnight.

Japanese benchmark index, the Nikkei 225, was up 2.47% as of 11.59 a.m. Across the Korean Strait, the Kospi gained 1.3%. Down Under, S&P/ASX 200 traded up 1.65%. In China, Shanghai Composite Index added 0.46%, while Hong Kong’s Hang Seng Index rose 2.29%.

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