Stocks Extend Gains, Supported by Higher Oil Prices
2016年6月8日 - 1:29AM
Dow Jones News
By Riva Gold and Aaron Kuriloff
U.S. stocks rose Tuesday as gains in energy shares helped lift
the S&P 500 within 1% of its all-time closing high.
Climbing energy shares have helped lift the index in recent
weeks, amid rising oil prices and investors' increasing comfort
with the pace of U.S. interest rate increases. The S&P 500
closed Monday at its highest level since November.
Oil prices extended gains Tuesday as the dollar weakened and
global outages curbed supply. U.S. crude rose 0.7% to $50.03 a
barrel after settling at its highest level since July on
Monday.
The Dow Jones Industrial Average gained 68 points, or 0.4%, to
17988 and briefly crossed the 18000 mark. The S&P 500 climbed
0.4% and the Nasdaq Composite Index rose less than 0.1%.
Energy shares in the S&P 500 added 1.9% as Newfield
Exploration climbed 4.8% and National Oilwell Varco gained
3.2%.
Energy shares in the S&P 500 have rallied more than 10% in
the past three months, while the materials sector has gained over
9%. Chevron and Exxon Mobil were among the biggest gainers in the
Dow industrials.
"Oil has continued to strengthen, giving people comfort that at
some point we can see a recovery in S&P 500 earnings," said
Doug Foreman, chief investment officer at Kayne Anderson Rudnick
Investment Management.
"Areas like energy, industrial materials and a lot of
commodities -- which had been decimated -- are coming out of a
depression, and that change alone is very, very positive for the
overall marketplace," he said.
Many investors also drew reassurance from a speech by U.S.
Federal Reserve Chairwoman Janet Yellen on Monday, in which she
said Fed officials expect the economy to improve but won't raise
interest rates until new uncertainties about the economic outlook
are resolved.
"We think they're going to move very, very slowly," said Monica
Defend, head of global asset allocation research at Pioneer
Investments.
Friday's weaker-than-expected jobs report sharply reduced
expectations for a rate rise at the Fed's June and July meetings.
Market participants currently price just a 4% chance of a rate rise
in June and a 25% chance of a rise by July, according to Fed-fund
futures tracked by CME Group.
"Every data point is really being dissected," said Chris Dyer,
director of global equity at Eaton Vance. "Consumer strength has
been a real engine of growth in the U.S. economy, and this [jobs
report] raises a little bit of a red flag," he said.
Still, many investors say the U.S. economy is strong enough to
allow the S&P 500 to reach a fresh all-time high.
"Historically we have lower [growth] numbers, but when you make
a cross comparison with the rest of world, still the U.S. stands to
be the most resilient economy," Ms. Defend said.
The Stoxx Europe 600 rose 1.1%, led by energy companies,
following an upbeat session in Asia.
Earlier, shares in Asia mostly closed higher, boosted by the
recent rally in commodities and a strong finish on Wall Street.
Japan's Nikkei Stock Average added 0.6%, while Hong Kong's Hang
Seng Index gained 1.4%.
Australian shares inched up 0.2% after the country's central
bank left rates unchanged as expected, while the Australian dollar
rose 1.1% against the dollar to $0.7453.
In other currencies, the euro edged down less than 0.1% against
the dollar to $1.1355, while the dollar lost 0.2% against the yen
to Yen107.3070.
The British pound recovered 0.8% against the dollar to $1.4564
after new polls suggested support for the U.K. to remain in the
European Union in a June 23 referendum.
Write to Riva Gold at riva.gold@wsj.com
(END) Dow Jones Newswires
June 07, 2016 12:14 ET (16:14 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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