Wall Street rallied in pre-holiday trading on Wednesday, helped by surging energy shares as an unexpected drop in crude oil inventories lifted beaten-down oil prices.
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Stocks rose on Wall Street for a second day, helped by crude oil prices stabilising, but Chipotle Mexican Grill fell on more worries about the safety of its food.
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The Dow Jones industrial average rose 165.65 points, or 0.96 per cent, to 17,417.27, the S&P 500 gained 17.82 points, or 0.88 per cent, to 2,038.97 and the Nasdaq Composite added 32.19 points, or 0.65 per cent, to 5,001.11.
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Benchmark 10-year Treasury notes were down 11/32 in price to yield 2.238 per cent, from a yield of 2.197 per cent late on Monday.
The price of oil moved higher, a relief to investors who have been rattled by a plunge in crude to its lowest level since February 2009.
The Standard & Poor’s 500 index edged down a point to 2,062.
In other energy trading, heating oil fell 1.3 cents to $1.088 a gallon, wholesale gasoline fell 3.5 cents to $1.175 a gallon and natural gas fell 1.3 cents to $1.888 per thousand cubic feet.
In the mining sector, BHP Billiton is gaining more than 4 percent, while Rio Tinto and Fortescue Metals are rising nearly 4 percent each despite lower iron ore prices overnight. Trading volumes are expected to be relatively light this week, with USA stock markets operating a shortened session on Thursday and closing on Friday for Christmas.
“The gains in oil and materials are certainly helping the market dig itself out of the hole”, said Peter Jankovskis, co- chief investment officer of OakBrook Investments LLC in Lisle, Ill.
The Dow was up 107 points, or 0.6 percent, to 17,524 as of 9:05 a.m. Central time.
However, non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, fell last month as a stronger dollar and spending cuts dragged.
Nike reversed early gains and was down 2.6 percent.
“We’ve been in somewhat of a down cycle in economic numbers, and they are starting to gather a little bit of steam”, said Ellis Phifer, market strategist at Raymond James in Memphis, Tennessee.
BONDS AND CURRENCIES: The euro rose to $1.0970 from $1.0926 a day earlier.
Low oil prices and a weakening energy industry “have ripple effects across the whole industrial economy”, Mr. Nigg said.
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In Asia Sydney-listed BHP Billiton soared 5.3 percent and Rio Tinto more than four percent, while Inpex in Tokyo climbed two percent and CNOOC in Hong Kong added three percent.
