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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