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US stocks boosted by oil shares
NEW YORK, June 27, 2018 (BSS/AFP) – Wall Street stocks rose Tuesday
despite lingering trade tensions, with petroleum-linked shares rallying with
oil prices.
The Dow Jones Industrial Average advanced 0.1 percent to 24,283.11.
The broad-based S&P 500 gained 0.2 percent to 2,723.06, while the tech-
rich Nasdaq Composite Index rose 0.4 percent to 7,561.63.
“For as much as we sold off yesterday, it’s not that much of a rally,”
said Karl Haeling of LBBW, adding that fallout from a series of trade tariff
announcements and threats was weighing on sentiment.
“The lack of a rally probably shows that investor confidence has been
shaken more than previously,” Haeling said.
Oil prices jumped after the US State Department said countries around the
world would be sanctioned if they did not halt Iran oil purchases by November
4.
Dow members Exxon Mobil and Chevron both rose more than one percent, while
Apache gained 2.4 percent.
Several large technology companies also had a good session, including
Apple and Amazon, which both won more than one percent and Netflix, which
surged 3.9 percent.
General Electric surged 7.8 percent as it announced plans to divest its
healthcare business and separate itself from the Baker Hughes oil services
company, in which it owns a majority stake.
The industrial giant, which was removed from the Dow Jones index in a
transition that took effect on Tuesday, said the new design would make it
“simpler and stronger.”
BSS/AFP/HR/0910