US Stock Market Climb After Oil Gains

Wall Street markets opened higher on Wednesday, led by gains in energy stocks as oil prices rose.

The Dow Jones climbed 36.86 points, or 0.85%, to 16,333.27, in the first few minutes of trading.

The S&P 500 rose 17.49 points, or 0.92%, to 1,913.07, while the Nasdaq gained 42.51 points, or 0.96%, to 4,478.47.

An agreement potentially stabilising oil production has helped lift crude prices and the value of energy stocks.

Russia, Saudi Arabia, Qatar and Venezuela agreed to maintain output at January levels if other oil-producing countries did the same.

Chevron shares rose 0.66% and ExxonMobil was up 0.21%. Oil services giant Halliburton advanced 2.24%.

Priceline was one of the big early gainers on the Nasdaq. Its shares surged 11.2% after the company announced fourth-quarter profit rose 11.6% to $504.3m.

A stream of data released on Wednesday showed a mixed view of the US economy.

Construction of new homes fell to an eight-month low in January. Industrial output rose 0.9% in January, after falling 0.7% in December because of unseasonably warm weather and a strong dollar.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza