December 13, 2017
Wednesday, April 20, 2016

Oil rebound nudges Wall Street higher

Wall Street edged up as a rebound in oil prices added to the optimism sparked by a raft of earnings reports that beat tempered expectations.

Crude reversed course sharply and gained about 2 percent after a report showed US inventories grew less than expected last week.

A three-day strike by Kuwaiti workers had driven prices higher and helped the S&P 500 breach 2,100 on Tuesday, about 30 points shy of its record high.

Investors are focused on the earnings season as they seek catalysts that will drive stocks. Big-bank earnings reports last week were better than expected and helped lift sentiment, even though expectations for profit growth this quarter are bleak.

First-quarter earnings at S&P 500 companies are expected to have fallen 7.5 percent on average and revenues are seen dipping 1.3 percent, according to Thomson Reuters I/B/E/S.

Data today showed US home resales rose more than expected in March, pointing to a continued recovery in the housing market, despite signs of sluggish first-quarter economic growth.

The Dow Jones industrial average was up 65.98 points, or 0.37 percent, at 18,119.58.

The S&P 500 was up 5.06 points, or 0.24 percent, at 2,105.86. The index hit a record high of 2,134.74 in May.

The Nasdaq Composite was up 17.11 points, or 0.35 percent, at 4,957.44.

Six of the 10 major S&P sectors were higher, led by a 1 percent rise in energy.

Advancing issues outnumbered decliners on the NYSE by 1,606 to 1,295. On the Nasdaq, 1,431 issues rose and 1,257 fell.

The S&P 500 index showed 18 new 52-week highs and no new lows, while the Nasdaq recorded 41 new highs and 11 lows.

In Europe, shares rose helped by a late rally in crude oil prices and gains among banking stocks.

The pan-European FTSEurofirst 300 index, which had risen 1.5 percent to its highest since January 6 in the previous session, rose 0.5 percent but short of a new closing high.

After spending most of the session in the red or flat, the index turned higher as oil prices rebounded after a smaller-than-expected US crude build report offset glut worries stirred by the end of a Kuwaiti oil workers strike.

Banks rose 2.2 percent, reversing initial weakness, with shares in Deutsche Bank, UniCredit and Santander all up by between 3.6 and 5.2 percent.

Volkswagen soared 6.6 percent, leading the gains on the FTSEurofirst, on optimism it can offer US authorities an acceptable resolution of its emissions-test-rigging case.

Meanwhile, Japanese stocks edged up but retreated from three-week highs earlier in the session as the yen firmed marginally against the dollar, hampering exporters' prospects.

The Nikkei share average ended 0.2 percent higher at 16,906.54 after climbing as high as 17,099.36 earlier in the day, encouraged by Wall Street's performance overnight and the dollar trading above 109 yen, before the Japanese currency again gained strength.

The broader Topix edged up 0.2 percent to 1,365.78 and the JPX-Nikkei Index 400 rose 0.2 percent to 12,353.47.

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Edition No. 5055 - This publication is a property of NEFIR S.A. -RNPI Nº 5343955 - Issn 1852 - 9224 - Te. 4349-1500 - San Juan 141 , (C1063ACY) CABA - Director Perdiodístico: Ricardo Daloia