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Overnight Markets: Wall Street up as Syria concerns lift energy shares
by Himanshu Singh on Aug 29, 2013 at 03:55
US stocks rebound on Wednesday as energy shares rallied on higher oil prices and investors watched developments on Syria.
The Dow Jones industrial average was up 48 points, or 0.33%, at 14,825. The Standard & Poor's 500 Index was up four points, or 0.27%, at 1,635. The Nasdaq Composite Index was up 15 points, or 0.41%, at 3,593.
Stocks recouped some of the losses as traders bought energy stocks, which rose on a spike in oil prices as markets feared supply interruptions from the Middle East. Brent crude gained 1.4% while US crude futures rose 0.4% and are up 5.3% over the past five sessions. Chevron Corp (CVX.N) gained 2.5%, while Exxon Mobil (XOM.N) was up 2.3%. Marathon Oil Corp. increased 3.7%.
However, airline stocks fell due to rally in energy shares. U.S. Airways Group (LCC.N) lost 0.8%.
In economic news, contracts to purchase previously owned US homes declined for the second straight month in July, with the decline much wider than expected. PulteGroup Inc (PHM.N) fell 1.3% and D.R. Horton Inc (DHI.N) shed 1.3%.
Williams-Sonoma Inc (WSM.N) reported second-quarter earnings that beat expectations. The announcement was unexpectedly released before the market closed. Shares fell 4.2%.
Mining equipment manufacturer Joy Global (JOY.N) fell 4.7% after it reported a lower profit for the third quarter and said orders fell.
TiVo (TIVO) Inc. climbed 5.6% after the maker of digital-video recorders posted a profit.
Avago Technologies Ltd. surged 4.7% after the supplier of components for wireless communications reported third-quarter revenue of $664 million, exceeding the $617.25 million average forecast.
Zale Corp. jumped 30% as the jewelery retailer reported fourth-quarter revenue that beat analyst estimates as same-store sales jumped 5.6%.
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