US stocks boosted by oil shares
Traders work on the floor of the New York Stock Exchange. (AP Photo/Richard Drew)
NEW YORK: Wall Street stocks rose on Tuesday (Jun 26) despite lingering trade tensions, with petroleum-linked shares rallying with oil prices.The Dow Jones Industrial Average advanced 30.31 points (0.12 per cent) to 24,283.11.
The broad-based S&P 500 gained 5.99 points (0.22 per cent) to 2,723.06, while the tech-rich Nasdaq Composite Index rose 29.62 points (0.39 per cent) to 7,561.63."For as much as we sold off yesterday, it's not that much of a rally," said Karl Haeling of LBBW, adding that fallout from a series of trade tariff announcements and threats was weighing on sentiment."The lack of a rally probably shows that investor confidence has been shaken more than previously," Haeling said.Oil prices jumped after the US State Department said countries around the world would be sanctioned if they did not halt Iran oil purchases by Nov 4.
Dow members Exxon Mobil and Chevron both rose more than one per cent, while Apache gained 2.4 per cent.Several large technology companies also had a good session, including Apple and Amazon, which both won more than one per cent and Netflix, which surged 3.9 per cent.General Electric surged 7.8 per cent as it announced plans to divest its healthcare business and separate itself from the Baker Hughes oil services company, in which it owns a majority stake.The industrial giant, which was removed from the Dow Jones index in a transition that took effect on Tuesday, said the new design would make it "simpler and stronger."
Source : http://www.channelnewsasia.com/news/business/us-stocks-boosted-by-oil-shares-10473576