MARKET SNAPSHOT: Dow Climbs 100 Points At The Open As Oil Jumps To 7-month High
May 25 2016 - 10:13AM
Dow Jones News
By Ellie Ismailidou and Victor Reklaitis, MarketWatch
Oil nears $50 a barrel; energy and financial stocks lead the
gains
U.S. stocks opened higher on Wednesday, building on the previous
session's strong rally, in which the main benchmarks logged their
best daily gains in nearly three months.
A jump in oil prices near $50 a barrel following a report
showing a decline in crude inventories
(http://www.marketwatch.com/story/crude-oil-rockets-to-near-50-a-barrel-as-data-hints-at-us-supply-drop-2016-05-25),
lifted energy and materials stocks. Meanwhile, growing expectations
that the Federal Reserve might raise interest rates as early as
next month buoyed financial companies' shares, as higher interest
rates tend to boost banks' balance sheets.
The S&P 500 was up 13 points, or 0.6%, to 2,088, led by
strong gains in energy stocks, up 1.6%, followed by a 1.2% rise in
financial stocks. The utilities and telecommunications sectors were
the only sectors in negative territory, down 0.6% and less than 0.1
respectively.
The Dow Jones Industrial Average added 123 points, or 0.7%, to
17,830, led by a 1.6% rise in J.P. Morgan Chase & Co.(JPM)
shares, followed by a 1.3% gain in energy giant Chevron Corp.(CVX).
A 1% drop in shares of Nike Inc. (NKE) weighed on the blue-chip
gauge.
Meanwhile, the Nasdaq Composite began the session up 24 points,
or 0.5%, at 4,884.
(END) Dow Jones Newswires
May 25, 2016 09:58 ET (13:58 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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