Energy, financial stocks give Wall Street Modest lift

Wall Street advanced modestly on Wednesday after a sharp rise in oil prices boosted energy shares, while better-than-anticipated data on the labor market helped financial stocks. US oil prices CLc1 jumped more than 3 percent to settle at USD 40.83 a barrel after a larger-than-expected gasoline draw offset a surprise build in US crude stockpiles.Get live Indian Stock Market News Updates visit us: http://www.ripplesadvisory.com/aboutus.php or Get Two Days Free Trial just on One Missed Call @98-27-80-80-90 

 

WTI crude had settled below USD 40 for the first time since April on Tuesday. The S&P energy index .SPNY was up 1.8 percent as the best performing of the 10 major S&P groups. 

 

"The focus, at least near term, is definitely on energy prices and if we can hold USD 40 (oil) the market is fine here. If it can’t hold USD 40, there is going to be more pressure on the overall market," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York. "It’s back to worries about oil and excess supply and demand that is OK but not great."