After the Bell Dow Gains 182 Points as Everything Goes Up
On Monday, oil futures climbed to their highest level since November 2014 as a May 12 deadline approached for the U.S.to decide whether to remain in the nuclear agreement with Iran.
The only sectors that fell were safe-play stocks like utilities and phone companies.
At 2:34 pm ET, the Dow Jones Industrial Average was up 0.73 percent at 24,536.98 points, while the S&P 500 had gained 0.97 percent to 2,698.28. The gain nudged the benchmark index into positive territory for the year. The Dow Jones industrial average posted its fifth gain in a row, climbing 182.33 points, or 0.7 percent, to 24,542.54. The Nasdaq added 58 points, or 0.8 percent, to 7,267.
Among stocks, Wells Fargo rose 1.1 percent after the lender said it expects efficiency efforts to cut expenses by $2 billion annually in 2018 and 2019.
The indexes are on track to end the week with solid gains. It also raised its annual forecast.
The price of crude oil climbed back above $70 a barrel Wednesday a day after the USA moved to withdraw from a nuclear accord with Iran.
"We've had some noise from Iran, but some of the underlying (oil market) trends are probably still intact in terms of a recovering economy, high demand and higher inflation", Delwiche said.
Benchmark U.S. crude oil climbed $2.08, or 3 percent, to settle at $71.14 per barrel in NY. That's the highest level in almost three and a half years. The yield on the 10-year Treasury held at 2.95 percent.
ENERGY: Benchmark U.S. crude oil inched lower, dropping 7 cents to $71.07 a barrel in NY.
Google-owner Alphabet Inc rose 2.87%, providing more lift than any other stock to the S&P 500.
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Roughly 80 percent of the companies in the S&P 500 have reported results so far this earnings season, and some 62 percent of those have delivered both earnings and revenue that exceeded financial analysts' expectations, according to S&P Global Market Intelligence. Technology and health care companies accounted for much of the broad gain.
Beverage makers and other consumer goods companies were among the laggards.
Walt Disney dipped 1.79% despite reporting a quarterly profit above Wall Street estimates.
CURRENCIES: The dollar rose to 109.33 yen from 109.11 yen on Friday. The euro fell to $1.1914 from $1.1962.
METALS: Gold slipped 60 cents to $1,314.10 an ounce. Silver added 7 cents to $16.54 an ounce. Copper lost a penny to $3.08 a pound.
Major indexes in Europe finished higher.
The Dow Jones industrial average rose 190 points, or 0.8 percent, to 24,732. Morgan Stanley added 1.9 percent to $52.39.
The Nikkei 225 edged higher by 0.42% in early trade. Australia's S&P/ASX 200 added 0.4 percent. The contract surged $2.08, or 3 percent, to $71.14 per barrel on Wednesday. Stocks rose in Taiwan, Singapore and Indonesia, but fell in Thailand and the Philippines.
"The rise in oil is helping energy sector, which is expected to be a pretty big growth sector".
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