Tuesday, 22 November 2016

Oil rally propels Wall Street to record

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US stocks climbed on Monday to close at a record and European equity markets also moved higher as a jump in oil prices helped spur gains in the energy sector. Brent settled up 4.4 percent at USD 48.90 and US crude settled 3.9 percent higher at USD 47.49 after touching their highest levels in about three weeks as the dollar weakened. Comments by Russian President Vladimir Putin that raised expectations major oil producing countries could reach a deal to limit output at a meeting next week also spurred the jump in oil prices. Among US equities, the S&P energy index gained 2.2 percent as the top-performing sector, closing at its highest level in 16 months. "The post-election rally is continuing," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. 


"There was some concern that rates might rise too far, but it looks like they may have slowed down a little bit." The Dow Jones industrial average rose 88.76 points, or 0.47 percent, to 18,956.69, the S&P 500 gained 16.28 points, or 0.75 percent, to 2,198.18 and the Nasdaq Composite added 47.35 points, or 0.89 percent, to 5,368.86. The levels marked a record close for each of the three major Wall Street indexes, but market participants cautioned that volume was likely to be light this week ahead of the US Thanksgiving Day holiday on Thursday.

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