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Wall Street surges on higher oil after U.S. quits Iran deal

May 12, 2018 03:55·

Stocks rise modestly oil closes above $70 a barrel for first time since 2014

Energy stocks climbed earlier in the session due to troubles for Venezuelan oil company PDVSA and by the looming decision on whether the U.S. will re-impose sanctions on Iran.

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 price of crude oil climbed back above $70 a barrel Wednesday a day after the US moved to withdraw from a nuclear accord with Iran.

At 9:52 a.m. EDT the Dow Jones Industrial Average was up 56.90 points, or 0.23 percent, at 24,417.11, the S&P 500 was up 9.80 points, or 0.37 percent, at 2,681.72 and the Nasdaq Composite was up 19.38 points, or 0.27 percent, at 7,286.29.

The Nasdaq added 65.07 points, or 0.9 percent, to 7,404.97. The Nasdaq Composite was up 51.67 points, or 0.70 percent, at 7,391.58.

A Labor Department report showed its consumer price index rose 0.2 percent, below the economists' expectation of 0.3 percent, as rising costs for gasoline and rental accommodation were tempered by a moderation in healthcare prices. Bond prices rose, pulling the yield on the 10-year Treasury note down to 2.96 percent from 3 percent late Wednesday.

Micron Technology rose 2.5 percent and Qualcomm climbed 2.3 percent.

The S&P 500 is down 1.69 points, or 0.06 percent. Across the Korean Strait, the benchmark Kospi added 0.42%.

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That is well above the long-term average of 64 percent and the average of 75 percent over the past four quarters.

TripAdvisor soared 20 percent after reporting higher earnings than analysts expected. Apple was up 1.9 percent, extending its gains since it reported results last week and after Berkshire Hathaway on Friday disclosed that it had boosted its stake in the iPhone maker.

The stock market has been riding an oil rally for the past two days following President Donald Trump's decision to withdraw the United States from a nuclear deal with Iran.

The Cboe Volatility Index.VIX, the most widely followed barometer of expected near-term volatility for the S&P 500, closed down 1.29 points at 13.42, its lowest close since January 26.

The dollar fell to 109.37 yen from 109.72 yen on Wednesday. Australia's S&P/ASX 200 added 0.2 percent to 6,132.50. The euro was flat at 1.1916. Silver gained 22 cents to $16.76 an ounce.

Also weighing on tech was Nvidia, which fell 2.15 per cent on worries that a short-term surge in demand for graphics chips from cryptocurrency miners may be undermining the company's core business with computer gamers. Copper picked up 5 cents to $3.11 a pound. Natural gas slipped a penny to $2.80 per 1,000 cubic feet.

Walt Disney (DIS.N) dipped 0.5 percent, despite beating profit estimates. Over in Hong Kong, the Hang Seng Index advanced 0.59%.

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